What is a Spread in Nigeria?
What is a Spread in Nigeria revealed. We tested and verified spreads in forex trading for Nigerian traders.
This is a complete guide to spreads in Nigeria.
In this in-depth guide you’ll learn:
- What is a spread?
- What is considered a good spread in Nigeria?
- Our recommended forex brokers with the lowest spreads?
- How to compare forex trading brokers against each other?
- How do spreads affect profits in forex trading?
- What are low spread currency pairs?
- What is the difference between low and high currency pairs?
- What are narrow spreads and why do they matter?
- Why you should trade with a low spread broker?
- How to calculate a spread as a Nigerian trader?
- Which low spread forex brokers offer a low minimum deposit of $5 (2 092 NGN)?
- Which brokers offer a signup bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with spreads for Nigerians…
Let’s dive right in…
CySEC, FCA, FSA, FSCA, Labuan FSA
FSA, Cysec, FSCA, FSC,
ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA
CySEC, ASIC, FSCA
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
What is a Spread in Nigeria? (Updated 2023)
What the spread is in Forex Trading in Nigeria
👉 If an instrument is tradable, the spread is the difference between the bid and ask price. The “bid” and “ask” are the prices at which you purchase and sell currency pairs.
👉 It is one of the ways that brokers profit from a forex position is via the forex spread. When you place an order, the broker deducts the spread, so the deal begins in the negative. Regardless of the outcome of the deal, the broker will have profited from it.
👉 Subsequently, the ideal spread widths are not universally agreed upon. The spread varies from one broker to the next, although it usually falls within a predetermined range.
How can Nigerians calculate the spread?
👉 The forex spread can typically be expressed as a percentage, and calculated using this formula:
➡️ Spread Percentage + the Ask Price – the Bid Price divided by the Ask Price, multiplied by 100.
👉 Considering this formula, the Ask Price is the lowest price that the broker is willing to sell units of a specific currency for, while the Bid Price refers to the highest possible price that the trader will buy units of a certain currency for.
👉 Because of this, traders, and dealers (forex brokers) can both benefit from the gap between various parties’ valuations of a specific currency. The Greater Fool Theory can be used for certain forex trading in specific circumstances, which comprises of the following principles:
➡️ According to the Greater Fool Theory, there will always be a “greater fool” who is willing to buy an inflated investment at a much higher price based on a higher value.
➡️ People’s irrational ideas and expectations influence the markets. The larger fool hypothesis asserts that there will always be some investor, or a “greater idiot,” who would mistakenly pay a higher price for an asset than its inherent value.
➡️ Investment strategies that are based on the “greater fool” idea might be designed with the notion that you can always get more for your money by selling your asset to someone willing to buy it at an unjustifiable price multiple.
➡️ Even when you paid too much for an investment, there will always be someone ready to pay more than what you paid, regardless of how much you spent based on its intrinsic worth.
➡️ As the speculative bubble eventually breaks, individuals begin to understand the price associated with an investment is merely excessively large.
➡️ Greater fool investing depends on this premise; investing in larger fools is all about making sure that you are not the greater fool.
➡️ It is a type of Game Theory that predicts what other investors would be prepared to pay for a security based on what the greater fool theory predicts. It is the opposite of focusing only on an investment’s inherent worth.
👉 The “midpoint” of the foreign exchange spread refers to the price at which a deal would be possible. Adding the bid and ask prices and then dividing the amount by two is all that is needed to compute it.
👉 This means that the midpoint of the foreign exchange spread is equal to (1.50+1.00)/2 = US$1.25 if a dealer is prepared to sell a particular number of units for $1.50 and a trader is only willing to purchase one unit for $1.00.
Which factors influence the Spread in Forex Trading
👉 Several factors could influence the spread that Nigerians see in the forex market, including:
➡️ Overall Trading Volume
➡️ Volatility of Currencies
➡️ Economic and/or Political Risks
➡️ Brokers skewing the Forex Pair Spread.
Overall Trading Volume
👉 If there are more trades taking place, this means that the market is more liquid, which means that the gap between the bid and ask prices is less. Dealer and buyer currency valuation discrepancies are reduced when the foreign exchange gap widens.
👉 It is easier to discover buyers with the same bid price as your ask price, so you can simply complete a transaction. It is also easier for someone looking to acquire currency to track down a vendor who will accept their offer to buy the currency at a certain price.
👉 Because buyers and sellers have a harder time locating a willing trading partner when spreads are higher, lower trading volumes are often associated with them.
Volatility of Currencies
👉 It is customary practice to assign an elevated level of risk to the currencies of nations whose political environments are turbulent or whose economies are prone to instability.
👉 These kinds of economies often have inflation rates that are high and lack a disciplined approach to their approach to monetary policy. As a direct consequence of this development, the gap between the two currencies will widen.
👉 This is because dealers will consider the currency to be an investment with a prominent level of risk, and as a result, they will only sell the currency at a premium. To make up for the increased risk, purchasers look for deals in which they may save money.
👉 Subsequently, the gap between the bid and the asking price will widen, and as previously indicated, trading volumes would fall.
Economic and/or Political Risks
👉 Overall, a currency’s value is more prone to fluctuation when there is not sufficient support for it in the form of a disciplined monetary policy and a reliable central bank. As a direct consequence of this, dealers will raise ask prices, which will, in turn, cause the disparity between the bid and ask prices to widen.
Brokers skewing the Forex Pair Spreads
👉 Professional market makers may adjust their dealing spreads higher or lower depending on their forecast for the market’s near-term direction.
👉 In addition, market makers may occasionally “read” a customer by intentionally skewing the quoted price after predicting what the client would do based on prior behaviour, known position, or current market circumstances.
👉 If the market maker believes the client will be a seller, they will give them a bid-ask spread that is as narrow as the customer would typically anticipate, but with the whole price skewed below the prevailing market.
👉 If the customer transacts, the market maker can acquire the position at a far better exchange rate than is offered on the Interbank market.
👉 If the market maker believes the customer is a buyer, they may offer a tight bid-ask spread that is skewed higher than the current market.
👉 Unless the customer refuses to transact, this enables the market maker to sell the position to the client at an even more favorable exchange rate for themselves, unless the client fails to transact.
What are the distinct types of Forex Dealing Spread Policies?
👉 There are two main types of Forex Dealing Spread Policies namely:
➡️ Fixed Spreads
➡️ Variable Spreads
👉 In the foreign exchange market, brokers that follow a market maker or “dealing desk” model are more likely to provide clients fixed spreads, while brokers who follow a “non-dealing desk” strategy are more likely to offer clients variable spreads. Market makers are the type of brokers that often offer fixed spreads.
👉 The fixed spreads will always stay the same, regardless of how the market is performing at any given point in time. The spread does not change regardless of whether the market is volatile; otherwise, everything else stays the same.
👉 When a broker makes use of a dealing desk, they will first purchase big positions from their liquidity provider(s), and then they will sell these positions in smaller numbers to individual traders.
👉 This indicates that the broker acts as the counterparty to the trades that their clients conduct with one another.
Advantages of Fixed Spreads
👉 The following is a list of advantages that come with using fixed spreads:
➡️ There is a lower need for initial financial investment
➡️ Traders who do not have access to a significant amount of capital may save a significant amount of money by using fixed spreads.
➡️ When traders employ fixed spreads, it is much simpler to compute the total expenses associated with their trades.
➡️ Because fixed spreads do not fluctuate, traders always know what to anticipate when they place an order to buy or sell a security.
The disadvantage of Fixed Spreads
👉 Fixed spreads have several drawbacks, including the following:
➡️ Traders using brokers that provide fixed spreads are more likely to face requotes because the prices are only coming from a lone source.
➡️ The foreign exchange market is volatile, which results in fluctuating exchange rates; nevertheless, a broker is unable to alter the fixed spread to account for the circumstances of the present market because of this. Because of this, the trader can be prevented from making any further transactions until they consent to a new price or a requoted price.
➡️ Slippage is another inherently problematic aspect of fixed spreads that traders must contend with. Because of the rapid speed at which the forex market operates, the broker may find it difficult to keep a steady spread. Because of this, the trader can end up paying a different price than the one they entered at.
👉 Non-dealing desk (NDD) brokers provide varying spreads. Non-dealing desk brokers get pricing information for currency pairs from a variety of liquidity sources rather than using a dealing desk. These brokers then provide this pricing information to traders.
👉 It seems from this that they do not have any influence on the spreads. Additionally, spreads will either expand or shrink depending on the supply and demand of the currency, in addition to the general volatility of the market.
👉 Spreads tend to widen whenever economic data is released, as well as at other times of the day or week when there is less market liquidity.
Advantages of Variable Spreads
👉 The following are some of the benefits that come along with using variable spreads:
➡️ There is no adverse risk involved when using variable spreads since the fluctuation in the spread can accommodate any changes in the price that are produced by changing market circumstances.
➡️ The use of variable spreads ensures that Nigerian traders are given access to more transparent spread pricing, particularly given the fact that prices are derived from several different liquidity prices.
➡️ Because of the competition among the liquidity suppliers, the prices are more competitive.
Disadvantages of Variable Spreads
👉 The following are some of the drawbacks that relate to fluctuating spreads:
➡️ Active traders, day traders, scalpers, and any other traders who depend on tight spreads should avoid variable spreads at all costs since they are not optimal.
➡️ Variable spreads are not suited to traders who use news trading strategies because the spreads could widen and make a transaction appear successful, but there is still the risk that the market could swing against the trader at any moment. This is a problem since the market is unpredictable and it can move against traders without any warning, turning a winning trade into a losing one.
What High and Low Spread Tell traders in Nigeria
👉 When the gap between the bid price and the ask price is significant, this is referred to as a high spread. When compared to the spreads of major currency pairings, the spreads on emerging market currency pairs are often much wider.
👉 A spread that is much wider than average often points to either elevated levels of market volatility or low levels of liquidity caused by trading outside of regular market hours. Spreads may become much wider before news events or at times of major shocks, such as the Brexit or the US elections.
👉 When referring to the difference in price between the bid and the ask, a low spread indicates that the gap is narrow. Trading at times when spreads are narrow, such as during the big forex sessions, is highly recommended. When the spread is low, volatility is often low as well, and it often suggests that liquidity is strong.
Market Sessions Nigerians must trade for Narrow Spreads
👉 The foreign exchange market is open for business around the clock, with three main trading periods taking place each day, namely the London session, the US session, and the Asian session.
👉 Traders can efficiently execute strategies at any moment because of the diverse characteristics and patterns that might be shown by any major geographic market centre.
👉 Even though the foreign exchange market is the most liquid of all other financial markets, there are times when volatility is high and others when it is low.
👉 Some periods are more volatile than others. A more reliable forex trading strategy may be developed by first gaining an understanding of the various periods that the forex market is open for trading.
👉 The three main financial market sessions known for lower spreads are:
➡️ Asian (Tokyo) session
➡️ European (London) session
➡️ US (New York) Session
👉 Because big banks, institutions, and retail traders are all active during these trading sessions, the foreign exchange market is considered as being highly functioning and vibrant at these times.
👉 Forex traders will find it easier to construct trading strategies based on this data if they consider the times that each trading session takes place.
Asian (Tokyo) session
👉 The foreign exchange market begins its trading day in Tokyo, which is the first trading session of the day. Many significant players utilize the trade momentum in Asia to construct their plans and as a barometer for the future dynamics of the market.
👉 During the Asian trading day, around 6%t of the world’s total foreign exchange transactions are carried out.
European (London) session
👉 With a market share of around 34% of the daily forex volume, the forex trading session in London is the biggest and most significant of any other session in the world. Because of the city’s substantial market share, many of the top banks in the world have chosen to locate their trading desks in London.
👉 Because of the substantial number of transactions and the vast number of participants in the London forex market, the London session is the most volatile of the three forex sessions. Other sessions are characterized by lower volatility.
👉 The deluge of liquidity that is arriving from London has the potential to significantly boost the “average hourly move” of key currency pairings like the EUR/USD.
US (New York) Session
👉 New York is the world’s second-biggest trading market, and it is responsible for around 16 percent of all international currency transactions.
👉 Many of the transactions that take place in New York take place during the overlap between the US and Europe; however, the transactions begin to slow down as the liquidity in the market evaporates and European traders leave the market.
When is the best time for Nigerians to trade forex?
👉 When traded between 7 pm and 11 pm GMT, European currency pairings have demonstrated to be more profitable than other times of the day.
👉 Because the US session has little to no effect at this period, the liquidity is low as a result. This was discussed before. Because of the reduced liquidity in the market, range-bound trading methods that make more use of indicators like RSI are now possible.
👉 Day traders who like trading in ranges, which means buying at levels that provide support and selling at levels that provide resistance, could try trading European currencies throughout the late US session and into the Asian session which is between 7 pm to 7 am GMT.
👉 Day traders who are interested in breakouts and trends should think about trading between the times when Europe gets online and when Europe goes offline between 8 am and 5 pm GMT.
👉 Trading Asian currencies (such as the AUD or NZD) during the Asian session might potentially yield some breakouts as well. This is because the Asian session coincides with the busy business day for those home currencies.
👉 However, if Nigerians try to trade using specific breakout strategies involving European currencies during the Asian session, they could find it frustrating because those markets do not move as much during that time, especially because it is considered “off hours” for those currencies.
👉 In addition, the same applies when you try to trade breakouts of Asian currencies during the European session, resulting in it becoming a frustrating venture because of the low liquidity.
Evaluating the Forex Spreads of Brokers to find the best deal
👉 First, every forex trader will want to establish how essential the dealing spread is to their currency trading company before selecting a forex broker or market maker.
👉 While some traders have devised methods that are overly sensitive to dealing spreads, others have developed tactics that are less susceptible to spreads.
👉 Any respectable and well-regulated forex broker should be able to supply you with a steady trading platform and solid analytic information if the spread width is not an issue for you.
👉 However, if your strategy’s success depends heavily on the width of your dealing spread, you will need to invest a significant amount of effort in locating an execution partner with the finest spreads in the forex currency pairs you are interested in trading.
👉 It is also important to keep in mind that forex broker spreads might change from time to time based on market circumstances and trading risk.
👉 The fixed spreads offered by certain online brokers for the main currency pairs might be an excellent feature for traders whose primary trading approach is highly dependent on the breadth of the dealing spreads.
👉 Spreads like those seen in Table #1 above were given by Oanda, an online forex broker that publishes its fixed, real, and/or average dealing spreads on its website.
👉 It is an innovative idea to check out the broker’s website to see what kind of spreads you may anticipate. If you have found a broker you think would work, the next step is to sign up for a free test account and check out the spread the broker offers.
👉 Open a moderately financed real account and verify that the live trading spreads and prices match those in the demo account if everything appears in order.
👉 Increasing your trading account financing with a broker would only be appropriate if the broker seems trustworthy and fits all your other requirements for a trading partner.
The Best Spread-based Trading Strategies for Nigerians
👉 Scalping, day trading, swing trading, and position trading are the four primary trading tactics that may be used in the foreign exchange market. The timeframe and duration of the open position both have a role in determining the appropriate trading strategy.
➡️ Day Trading
➡️ Swing Trading
➡️ Position trading
👉 In terms of short-term trading, scalping is the most common method. They only keep positions open for a few seconds or minutes at the most while trading scalping Trades with an expiration time of less than one day are aimed at small intraday price changes.
👉 Because of the enormous volume of deals being performed during each trading session, profits will compound throughout the day, even if they are little.
👉 For this kind of trading to be successful, you will need very narrow spreads and a lot of liquidity. Therefore, scalpers prefer to focus on big currency pairings, such as the EUR/USD, GBP/USD, and USD/JPY, because of their large liquidity and trading volume.
👉 As a result, they prefer to trade only during the busiest periods of the day, when there is a lot of trading volume and frequently a lot of volatility. A broader spread will cut into the potential earnings of scalpers; therefore they strive for the narrowest spreads they can find.
👉 Trying to scalp a few pips as many times as possible in a fast-paced trading market may be difficult and time-consuming for many traders as they must focus on charts for extended periods.
👉 Because scalping may be exhausting, most scalpers stick to only one or two currency pairings at a time.
👉 Day trading may be an option for people who do not want to hold holdings overnight but do not want the rigours of scalping.
👉 As opposed to swing and position traders, day traders do not have to worry about huge overnight movements. They either make money or lose money at the end of every trading day.
👉 Because trades are often held for minutes or hours, traders need plenty of time to research the markets and keep an eye on their holdings throughout the day. In addition, day traders, like scalpers, make money by making small, regular gains.
👉 For spotting trends and market conditions, day traders rely heavily on technical indicators including the Moving Average Convergence Divergence (MACD), the Relative Strength Index (RSI), and the Stochastic Oscillator.
👉 Swing traders are unlike scalpers who trade within minutes or seconds, and day traders who tend to hold positions for less than one day, often maintain positions for several days. However, occasionally they hold positions for as long as a few weeks at a time.
👉 Because traders hold positions for longer periods to catch shorter-term market swings, they do not need to be seated and continually watch their trades and charts throughout the day, attributable to the fact that positions are kept for longer periods.
👉 Because of this, it is a popular trading method among those who have other responsibilities (such as full-time work), but who would still want to trade in their spare time. Despite this, it is still important to devote a few hours each day to monitoring and analysing the markets.
👉 Swing traders are those who often use trading methods like trend trading, counter-trend trading, momentum trading, and breakout trading. However, apart from swing traders, some day traders also utilize these trading strategies.
👉 Position traders concentrate on the direction prices will go over the long run and hunt for opportunities to make the most profit possible from significant price movements.
👉 Because of this transactions often take place over many weeks, months, or even years. Position traders often analyse and assess the markets using weekly and monthly price charts, employing a mix of technical indicators and fundamental research to identify probable entry and exit levels in the market.
👉 Because position traders are not concerned with smaller price variations or pullbacks, their positions do not need to be watched in the same way that other trading techniques do. Instead, position traders should review their holdings on occasion to keep an eye on the overall trend.
The Best Forex Brokers with competitive spreads in Nigeria
👉 In this article, we have listed the best Forex brokers with some of the most competitive fixed/variable spreads to traders in Nigeria. We have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Forex Broker with competitive spreads in Nigeria
USD 10 / 4145 NGN
MetaTrader 4 and MetaTrader 5
Account Activation Time
👉 Overall, FXTM is the best MT4 forex broker with competitive spreads in Nigeria. FXTM offers more than 250 financial instruments that can be traded through MetaTrader 4 and other platforms. FXTM offers a range of funding and withdrawal options to Nigerians along with local support.
Best MetaTrader 5 / MT5 Forex Broker with competitive spreads in Nigeria
👉 Overall, Exness is the best MetaTrader 5 forex broker with competitive spreads in Nigeria. Exness is one of the best MetaTrader 5 brokers attributable to the low and tight spreads offered to Nigerians.
👉 Nigerians can register an NGN-denominated account that will exempt them from currency conversion fees.
Best Forex Broker with competitive spreads for beginners in Nigeria
👉 Overall, XM is the best forex broker with competitive spreads for beginners in Nigeria. XM is a suitable forex and CFD broker for beginners based on the range of educational resources and tools that are provided.
👉 XM offers a demo account to beginners and applies negative balance protection to all retail accounts.
Best Minimum Deposit Forex Broker with competitive spreads in Nigeria
USD 1 / 415 NGN
Account Activation Time
👉 Overall, InstaForex is the best Minimum Deposit Forex Broker with competitive spreads in Nigeria. When Nigerians register a live trading account with InstaForex the minimum deposit is 400 NGN.
👉 InstaForex offers leverage up to 1:1000 and provides free VPS hosting along with several other advanced trading tools.
Best ECN Forex Broker with competitive spreads in Nigeria
👉 Overall, IC Markets is the best ECN forex broker with competitive spreads in Nigeria. IC Markets is one of a few brokers that operate a true ECN model with some of the tightest spreads possible. With IC Markets Nigerians are free to use any trading strategies.
👉 IC Markets offers free FIX API connections on cTrader and low trading and non-trading fees.
Best Islamic / Swap-Free Forex Broker with competitive spreads in Nigeria
👉 Overall, LiteFinance is the best Islamic / Swap-Free forex broker with competitive spreads in Nigeria. LiteFinance offers both Islamic and Demo Account options to Nigerian traders. There is a comprehensive market analysis offered on mobile trading that Nigerians will find beneficial.
Best Forex Trading App with competitive spreads in Nigeria
USD 100 / 41450 NGN
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Account Activation Time
👉 Overall, AvaTrade is the best forex trading app with competitive spreads in Nigeria. AvaTradeGO’s proprietary app (AvaTradeGO) is one of the best trading apps on the market.
👉 AvaTradeGO provides the best trader interface along with functionality that will benefit Nigerian traders who are trading while on the move.
Best Naira Trading Account Forex Broker with competitive spreads in Nigeria
USD 100 / 41450 NGN
Account Activation Time
👉 Overall, Alpari is the best Naira trading account forex broker with competitive spreads in Nigeria. Alpari provides an NGN-denominated account that Nigerians can use to trade a wide range of financial instruments.
👉 Nigerians can deposit and withdraw funds in local payment methods without incurring currency conversion fees.
Best Nasdaq 100 Forex Broker with competitive spreads in Nigeria
USD 50 / 20725 NGN
Account Activation Time
👉 eToro makes financial markets accessible through its award-winning platform. eToro provides both investing and trading opportunities to beginner and professional traders in Nigeria.
Best Volatility 75 / VIX 75 Forex Broker with competitive spreads in Nigeria
USD 0 / 0 NGN
Account Activation Time
👉 Overall, IG is the best Volatility 75 / VIX 75 forex broker with competitive spreads in Nigeria. IG is one of the oldest brokers in the world that offers more than 18,000 financial instruments to Nigerians, including VIX.
👉 When Nigerians use IG, they can choose a retail account that suits them best and employ any trading strategy that fits their style.
Best NDD Forex Broker with competitive spreads in Nigeria
👉 Overall, FXCM is the best NDD forex broker with competitive spreads in Nigeria. FXCM uses some of the most powerful trading technology in the industry that allows the broker to execute trades in under 31 milliseconds.
👉 FXCM is an award-winning broker and a market leader in innovation where forex and CFD trading is concerned.
Best STP Forex Broker with competitive spreads in Nigeria
👉 Overall, Markets.com is the best STP forex broker with competitive spreads in Nigeria. Markets.com is a reputable and well-known broker that offers Nigerians commission-free trading and competitive spreads.
👉 Markets.com applies an STP execution model that ensures that Nigerians get the best pricing from an array of financial instruments.
Best Sign-up Bonus Broker with competitive spreads in Nigeria
FSC, FSCA (south africa), ASIC, CySEC
MetaTrader 4, MetaTrader 5, WebTrader, FBS Trader – all in one mobile trading platform.
100% Deposit Bonus
Account Activation Time
👉 Overall, FBS is the best sign-up bonus broker with competitive spreads in Nigeria. FBS adds over 10,000 new accounts daily and in the 12 years FBS has been operating, the broker has proven to be trustworthy.
👉 FBS offers one of the best sign-up bonus incentives in the industry in the form of a Quick Start and Level-up bonus.
👉 Nigerian traders in the foreign exchange market are charged a small amount of money for every currency pair they purchase or sell. The spread is what they will earn or pay on a transaction, and it is important to know the diverse types of spreads that Nigerians can expect.
👉 In addition, Nigerians must know what affects the spread and which strategies they can use to harness high and/or low spreads in the forex market.
What is the best spread in forex when trading in Nigeria?
Typically, the ideal spread is 0.0 pips where traders are only required to pay a small commission to cover the broker fee for facilitating the trade.
Why are spreads so high?
Spreads are influenced by several factors including liquidity and volatility. When there is high liquidity, it translates to higher trading volumes and narrower spreads. The opposite is true when there is low liquidity as it means lower trading volume and wider spreads.
How do you reduce the spread when trading in Nigeria?
Make sure that the broker you choose is transparent with their prices. Choose the right currency pair to trade and trade when the markets are busiest. For instance, trading EUR/USD between 2 pm and 6 pm local time in Nigeria.
During this time, the New York and London sessions overlap, and the forex market is at its busiest, which means high liquidity and lower spreads.
What time does the forex market open in Nigeria?
In Nigeria, the forex market opens at midnight with the Asian Session, which remains open until 9 am local time in Nigeria. The London Session opens at 9 am in Nigeria and operates until 5 pm local time. The New York forex session opens at 2 pm in Nigeria and it closes at 11 pm local time.
Is forex trading profitable in Nigeria?
Yes, forex trading can be an extremely lucrative activity in Nigeria. However, profitability goes accompanied by skills, knowledge, and experience that have been built up over years. While the forex market is profitable, it is not a get-rich-quick-scheme.