Business
Nigeria’s Booming Forex Trading Industry: A Risky But Lucrative Venture For Traders
Forex trading has been on the rise in Africa, with Nigeria being the second-largest retail online forex market on the continent.
However, the absence of specific regulations makes traders vulnerable to scams and fraudulent activities. South Africa leads the way with a lesser but still significant number of 190,000 daily forex traders.
Despite the lack of regulations, the Nigerian forex industry has garnered a lot of interest from online traders, investors, and international brokerage firms.
According to Temitope Ijibadejo, the Nigeria Regional Manager of CM Trading, a licensed international brokerage and contract for difference (CFD) provider, the Nigerian forex industry is a “very buoyant one.”
He said the number of active Nigerian forex traders exceeds 300,000 with net deposits in billions of Naira annually.
In a 2021 report, it was estimated that there were roughly 300,000 retail forex traders in Nigeria, and there has been a substantial rise (46%) in female traders over the past couple of years.
Forex trading involves converting one national currency into another, and the most common currency pairs include GBP/USD and EUR/USD.
In Nigeria, the most common currency to trade with is the USD, which accounts for around 90% of Nigeria’s forex activity. Nigeria is a producer of crude oil, which is sold in dollars.
When prices increased in the 1970s, Nigeria saw a nice economic boost. This increase led to a growing interest in Africa in trading in dollars.
Since 2020, forex trading has seen a roughly 300% growth, and the majority of traders’ accounts (60%) are from Africa, Southeast Asia, and Eastern Europe.
However, the Central Bank of Nigeria July 2021 announced that it will no longer sell forex to Bureau De Change operators, saying the parallel market has become a conduit for illicit forex flows and graft.
According to the announcement, weekly sales of foreign exchange by the CBN will go directly to commercial banks. Banks are mandated to immediately and transparently sell forex to customers who present the required documents, and customers not attended to by the banks are to report to the CBN through a toll-free number or email.
In August 2016, the CBN banned nine deposit money banks (DMBs) from the foreign exchange market, for hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).
President Muhammadu Buhari was briefed on the breach by the banks, and all nine had been mandated to move the monies to the treasury single account.
The CBN also warned that banks that did not comply with the TSA remission plan would face possible fines and stringent punishment. This was made during the full implementation of the TSA in 2015.
As the naira continues spiraling downwards, the CBN is looking for a solution to stop the currency from hitting the bottom. However, despite its efforts, the regulator has been accused of not taking responsibility.
In response, the CBN has argued that the issue is not a result of its policies, but rather a reflection of external economic factors.
In September 2021, the Central Bank of Nigeria (CBN) accused AbokiFX, an exchange rates aggregator, of manipulating Nigeria’s foreign exchange market.
According to the CBN, AbokiFX was responsible for promoting the exchange of the naira for foreign currencies on the black market, which it claimed was fueling inflation and harming the economy.
In July 2022, the CBN issued a statement warning that it would arrest and prosecute anyone using naira to buy dollars, citing a law that prohibits the use of the Nigerian currency to transact business outside the country.
The CBN claimed that the use of naira for such transactions was undermining the stability of the country’s foreign exchange market and contributing to the depreciation of the currency.
“For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that,” Godwin Emefiele said.
However all this measures did not stop the increase in the forex world as Nigeria forex trader find ways to remain in the forex world.
To get more insights, Biztellers interviewed a forex trader known as Yolofx who spoke about his ordeal in the forex world.
Yolofx is a trader with 10k followers on instagram, and 2k followers on Twitter. He also offers mentorship programs for aspiring traders which requires payment.
He said ” Forex trading is not for everyone as it requires taking risk, consistency and patience. Consistency to me means doing it all over again regardless of the losses incured. I started trading since 2017 till date making it 6 years In the forex world. It has not been easy as it drastically affected my academics. I had to spend extra one year in school because I was not focus rather I gave my all in learning the forex”
According to him, to enter into the forex world, one requires a broker who serves as a middleman between a trader and the commercial bank.
He said “there are various brokers in the forex world, since I started trading I have used 5 different brokers but presently am using exness broker and to me it has been the best so far”
When asked about the legitimacy of the forex trade, he stated that forex trade is very much legit as it requires a verification process before entering the market.
He said “to verify your account in forex trade, you need to have proof of identity which is either your international passport or National Identity Number and also proof of residence which requires your bank statement that is not less that 6 months”
He went further to say “to tell you how complex and risky the forex world is, you can make 500k in a week or two and lose the entire money in a day” He added.
According to him, forex trade has changed his financial status as he has not searched for a job since after graduating from Higher institution.
Uche Paragon, who began his trading career in 2007, has become Nigeria’s richest currency trader with an estimated net worth of over $16 to 20 million.
Business
Fertiliser Plants: Dangote Vows to Ensure Food Security in Africa
President of the Dangote Group, Aliko Dangote, has reaffirmed his commitment to boosting food security across Africa through large-scale fertiliser investments, declaring that the continent has the capacity to feed itself and become a net exporter of agricultural products.
Dangote made this known while addressing journalists in Gode, in Ethiopia’s Somali region, during a high-profile visit hosted by Prime Minister Abiy Ahmed. The Prime Minister personally received Dangote and accompanied him to inspect the site of the proposed fertiliser plant, where construction activities are already underway.
Speaking on the strategic importance of fertiliser in agricultural productivity, Dangote noted that Africa’s food insecurity challenges are largely due to limited access to key inputs.
“Africa holds immense agricultural potential, yet continues to grapple with food insecurity due to limited access to fertiliser,” he said. “Through our investments, we are committed to reversing this trend by boosting productivity, empowering farmers, and advancing a sustainable path to food self-sufficiency.”
He added that the Group’s ambition, though bold, is achievable with sustained investment in fertiliser production and agricultural infrastructure.
“Africa has the capacity to feed itself and even export to the rest of the world. Our fertiliser investments across the continent are designed to unlock that potential and secure a prosperous future for our people,” Dangote stated.
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Dangote also announced a significant increase in the Group’s investment in Ethiopia, rising from $2.5 billion to over $4 billion. The expanded scope includes critical infrastructure such as a 110-kilometre pipeline, a 120MW power plant, a polypropylene packaging facility, and a two-million-tonne NPK blending plant, among other new components.
He described Ethiopia as a key strategic destination for Dangote Group’s long-term investments.
“In total, our declared and signed investments in Ethiopia now exceed $4 billion. This makes Ethiopia the second-largest recipient of our investments in Africa, accounting for nearly nine per cent of our continental outlay between now and 2030,” he said.
Dangote further commended Prime Minister Abiy Ahmed’s leadership and vision for economic transformation.
“The Prime Minister is driving development beyond expectations, but such progress requires strong private sector collaboration. We are proud to partner with Ethiopia to help build one of Africa’s most dynamic economies in the coming decade,” he added.
Prime Minister Abiy Ahmed, in his remarks, described Dangote as a trusted partner and commended the pace of work on the fertiliser project, which he said aligns with Ethiopia’s broader development priorities.
He emphasised that the project would significantly boost domestic fertiliser production, reduce dependence on imports, and provide critical support to millions of Ethiopian farmers.
According to the Prime Minister, the fertiliser plant will also create extensive employment opportunities, strengthen the industrial value chain, and reinforce Ethiopia’s position as an emerging agro-industrial hub in Africa.
“This type of large-scale investment demonstrates the power of strong collaboration between government and the private sector,” he said. “Expanding such partnerships will accelerate economic growth, attract further investment, and improve the livelihoods of our people.”
The Dangote fertiliser initiative is widely seen as a transformative step toward reshaping Africa’s agricultural landscape, with the potential to enhance productivity, reduce import dependence, and drive inclusive economic growth across the continent.
Photo Caption – L-R: President of Dangote Group, Aliko Dangote, being welcome by the Prime Minister of Ethiopia, Abiy Ahmed to Gode, in Ethiopia’s Somali region, during an inspection of the fertiliser plant under construction in Gode, Ethiopia, over the weekend.
Business
Navy Uncovers, Dismantles Illegal Refined Petroleum Products Depot in Rivers
The Nigerian Navy (NN) has uncovered and dismantled an illegal refined petroleum products depot in Okrika, Rivers State, as part of ongoing operations against crude oil theft and illicit petroleum activities in the Niger Delta.
The Navy disclosed that the operation was carried out by Nigerian Navy Ship (NNS) Pathfinder under Operation Delta Sentinel during anti-crude oil theft patrols targeted at economic saboteurs and illegal petroleum distribution networks.
According to the Navy, the operation led to the discovery of a major storage facility linked to the distribution of suspected illegally refined Automotive Gas Oil (AGO) within Rivers State.
“During the raid, naval personnel uncovered a warehouse located around Okochiri Kingdom in Okrika Local Government Area containing 410 drums loaded with approximately 123,000 litres of suspected illegally refined AGO,” the Service said.
In a statement yesterday, the Director of Naval Information, Navy Captain Abiodun Folorunsho, said preliminary investigations indicated that the products were transported from illegal refining sites outside the community and stockpiled in the warehouse for onward distribution through illicit supply channels.
Folorunsho stated that the discovery underscored the growing trend of illegal petroleum operators shifting from refining camps to concealed storage and distribution systems in a bid to evade ongoing anti-crude oil theft operations and sustain black-market fuel trade across the region.
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He added that the products were handled in line with established anti-crude oil theft procedures, while further surveillance and assessments within the area were ongoing.
The Navy also stated that current operations under Operation Delta Sentinel remain focused on dismantling the logistics and supply networks sustaining crude oil theft, illegal refining, and illicit petroleum distribution across the Niger Delta.
Reaffirming its commitment to protecting critical national assets, the Nigerian Navy said it would continue to sustain intelligence-driven operations aimed at denying economic saboteurs freedom of operation within Nigeria’s maritime and littoral environment, in line with the vision of the Chief of the Naval Staff.
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
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The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.





