Forex trading began in Nigeria in the early 2000s. Originally, many Nigerians balked at it because they preferred dealing with tangible businesses. Additionally, not many Nigerians had good internet so they did not have the means to do the trading.
The trading began being overwhelmed with scams. Ponzi schemes were happening everywhere. This caused many funds in Forex to crash because they were being run by scam artists who promised over inflated returns on investments.
Many of the people that got hurt in the early days of Forex in Nigeria turned into honest traders. They learned from their mistakes. They became brokers themselves and helped bring foreign brokers into Nigeria. These were honest brokers and traders who went on a nationwide campaign to educate investors.
As they did this they brought on more investors and a new wave of Nigerian Forex trading began. They no longer had to pass on charges to offshore brokers. Nigeria had its own. This period of trading went well up until about 2010. Then, there was a withdrawal of trading. It occurred following the massive recession in global economies and peaked after the local stock market crashed. The financial system in Nigeria went dry.
Today, the Forex trading system in Nigeria is back to being a success. With the help of groups like the Association of Online Forex Trading Agents, people are regaining their trust in the Forex trading system. There is a movement to regulate the Forex business in Nigeria. The Securities and Exchange Commission is working with the Central Bank of Nigeria to regulate things.
This is reason enough to trust that it is again worthwhile to trade on Forex in Nigeria. In the early days, there were hundreds of thousands of dollars coming into traders. These numbers are likely to grow again in the future.
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