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With a population of over 180 million Nigeria is both the most populous country in Africa and the largest economy on the continent. And naturally the size of the market attracts both legit forex and CFD brokers and scammers.
So it was not a surprise, when in October the Nigerian Securities and Exchange Commission (SEC), citing the increased number of adds soliciting investment in forex and CFD instruments, issued a warning, reminding potential investors that for the time being the retail forex market in the country remains unregulated and anyone investing in such instruments should personally consider the risks involved.
Here we should note that while the retail forex market in Nigeria is not regulated, it is also not restricted, and you can open a trading account with any broker, who is willing to service customers in Nigeria.
However, as in the case with other emerging, and largely unregulated markets, we will repeat our best advise to invest only with brokers, licensed by a well respected financial institution such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
As for the payment methods in Nigeria you can use Skrill, Western Union, the local 2Checkout (2CO) payment service, as well as major credit cards and bank wire transfers.