A close study of the existing laws in Nigeria shows there is no official ban on Forex trading but only on Crypto. However, the Nigerian Forex market is heavily unregulated with a lot of scam brokers everywhere. The Nigerian government are invited to partner with Wikifx to assist them in identifying scam brokers within the country and also working hard to eliminate them. In recent times there has been an increasing tension and questions regarding the legality of Forex Trading in Nigeria given the fact that the Central Bank of Nigeria supported by the Federal government are currently clamping down on Crypto. To this end some forex traders fear that they might be victims of the Bank hunt in the future also.
However, a close study of the existing laws in Nigeria shows there is no serious ban on Forex Trading which is a global business. The government obviously have only clamped down on black market exchange dealers and currency hoarders hyping the prices of exchange in the Forex Market.
In clear terms, Stock and Forex trading is legal in Nigeria, provided that the each trader and/or broker adheres to the regulations and guidelines that govern the Forex industry especially as given by the CBN. Interestingly, there is an everyday increasing rise of brokers promising new and unsuspecting traders very high returns and claiming to exclude spreads. More often, these brokers absconded with the clients deposit in Nigeria with none to question them. This is because Forex trading in Nigeria is not heavily regulated. Against the backdrop, Wikifx.ng which is a global Forex regulatory has extended their tentacles and activities into Nigeria to help all Nigerians who have been scammed by any broker in the past and unable to withdraw to redeem their investment. Wikifx provides the platform in the apps where scam brokers are exposed. Nigerian who have been victims of Forex scamming really need to report such brokers to Wikifx to trace them and help them regain their capital. We hope the Nigerian government will partner with Wikifx in the future to assist them in identifying scam brokers and eliminating same in Nigeria immediately.