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Tinubu to unveil development of Minna agro-processing zone

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Tinubu to unveil development of Minna agro-processing zone

President Bola Tinubu is expected to inaugurate an agro-processing zone, agricultural equipment and the remodelled Minna International Airport on Monday.

The state Governor Mohammed Bago said, while inspecting the projects on Saturday, that about 2,000 hectares would be utilised for the agro-processing zone project.

Also on the inspection team was the President, Nigeria Union of Journalists, Chris Isiguzo.

Bago said about 1,000 hectares would be utilised for drip irrigation and greenhouses while an additional 1,000 hectare was specifically for processing dairy products.

He added that the remodelling of the international airport in Minna had reached 99 per cent completion.

“Niger State sells an average of half a million cattle to Nigerians and people outside Nigeria daily.

“We don’t need to transport these cattle by road at all. You can take the meat that is frozen from the airport to anywhere and it will create employment, enhance the value chain,” the governor added.

On the agro zone, he said water would be piped from Shiroro dam for use by farmers at the site.

“We are constructing about 140 kilometres of water irrigation channels to this place from Shiroro dam,” he said.

The governor said the projects would be executed in partnership with some foreign companies.

“This project is an ambitious 50-year programme, but the first phase will be finished in the next few years so that Mr. President can commission it.

“We are bringing in 80 Megawatts of power to this airport,” he added.

He said the government would offer tax holidays for companies willing to move to the state.

“Niger State has strategically positioned itself now to become Nigeria’s water reservoir so that the overflow from all these dams and rivers can now be stored for irrigation and we plug them during a crisis,” he added.

The NUJ president commended the governor for the initiative.

“Coming here today to see the massive transformation that is ongoing in this place speaks volumes about the commitment of the present administration in the state.

“If you go around the airport, you can see that it can compete with any other airport in Africa and that shows that the government has invested so much in this airport,” he added.

He said that the idea of locating the agro-processing zone within the airport was a great idea.

“Before now, we were dependent on oil, but there is a need to diversify and that is what the governor has done by focusing on agriculture,” Isiguzo said.

NAN

Man Utd bounce again in opposition to Everton after two penalties

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Man Utd bounce again in opposition to Everton after two penalties

Everton paid for conceding two first-half penalties at Old Trafford as Manchester United bounced back to winning ways to keep their Champions League hopes for next season alive with a 2-0 victory on Saturday.

Bruno Fernandes and Marcus Rashford converted from the spot to extend Everton’s winless run in the Premier League to 11 games.

Victory takes United to within eight points of fourth-placed Aston Villa and three of Tottenham in fifth.

Defeat leaves Everton still just five points above the relegation zone, having played two more games than 18th-placed Luton.

Back-to-back defeats to Fulham and Manchester City had dented a charge from Erik ten Hag’s men towards the top four.

But with Villa and Tottenham facing off on Sunday, the Red Devils made the most of Everton’s mistakes to close on their rivals for a return to the Champions League.

Alejandro Garnacho scored a goal of the season contender when the sides last met in November with a stunning overhead kick.

The Argentine was again the difference between the sides as it was his quick feet that twice provoked spot-kicks.

James Tarkowski was the first Everton defender lured into a mistimed challenge on 10 minutes and Fernandes rolled home his eighth goal of the season.

Scoring goals has been Everton’s shortfall all season and it was a familiar tale for the Toffees.

A combination of Amadou Onana and Ben Godfrey should have opened the scoring just three minutes in.

Three times Dwight McNeil then tried his luck with his closest effort flashing inches wide.

And even when the visitors did hit the target, Andre Onana produced a flying save to deny James Garner.

Instead, they soon trailed by two due to another self-inflicted blow.

Garnacho danced through a series of challenges on the edge of the box before he was chopped down by Godfrey.

Just like he did at Goodison Park earlier in the season, Fernandes passed over penalty duties to Rashford.

Jordan Pickford was unable to deny his England international teammate as Rashford fired home his fifth goal in nine Premier League games.

Pickford did succeed in keeping the score down as he denied Fernandes a second from a well-struck free-kick and low drive that was arrowing towards the bottom corner.

Garnacho was also wasteful with a series of chances to add a goal to his involvement in the two penalties.

However, United were bailed out by Everton being even more toothless up front.

For the 16th time in 28 league games this season, United gave up 16 or more shots on their goal.

But Everton failed to make any of their 20 efforts count.

And they nearly conceded a third penalty in stoppage time when Rashford was wiped out by Jarrad Branthwaite, but the offside flag came to Everton’s rescue.

AFP

Umahi threatens to revoke highway contract In Edo 

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Umahi threatens to revoke highway contract In Edo 

The Minister of Works, Dave Umahi, on Friday threatened to terminate the multi-billion naira Benin/Sapele and Ologbo Road reconstruction if the contractors, Levant Construction Company, failed to comply with the scope and specification of the work.

The minister expressed dissatisfaction with the work and subsequently ordered the ministry’s supervising engineers to issue a warning letter to the contractors on Monday and after 14 days should they fail to do the right job, he would personally terminate the job.

Umahi who is on an inspection tour of work done on federal roads in Edo stated that contractors in the country were playing politics with Nigerians and warned that he would not tolerate such under his watch.

He said, “By Monday give them a warning letter to start permanent work and if by Monday they didn’t start give 14 days’ notice of termination. We paid multi-billion naira for this job and we have seen that a lot of contractors in this country are just playing politics with us and we have emphasised this on several occasions.

“We will pay mobilisation fee to a contractor, we will never pay variation on price for that amount we have paid and that is the problem with Levant and after 14 days of notice of termination, if they don’t adhere to the term of the come, I will come and terminate the job myself.

“You cannot do this kind of job in your country, it can only happen in Africa. You can’t collect our money and be misbehaving like this. It is a big shame, look at how people are suffering everywhere and we should be happy clapping for you. I have had more than 10 meetings with them on this Job. If anything goes wrong they will call the President,” he added.

The minister continued with the inspection of the Benin, Ekpoma Auchi and Abuja Expressway.

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Feminine creatives who’ve damaged data

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Feminine creatives who’ve damaged data

In celebration of the International Women’s Day, NAOMI CHIMA takes a look at female creatives who have broken different records in their careers

Agbani Darego

A model, Asenite ‘Agbani’ Darego, made history as the first African woman to win the prestigious beauty pageant—Miss World—in 2001.

The event took place at the Sun City Entertainment Centre in Sun City, South Africa, where Darego beat 93 contestants from diverse cultural backgrounds.

Prior to that landmark achievement, the model, who hails from Rivers State, had already distinguished herself by winning the ‘Most Beautiful Girl in Nigeria’ pageant that same year, earning her the opportunity to represent the country on the international stage.

Following her Miss World triumph, Darego further solidified her place in the global spotlight by placing seventh in the Miss Universe competition, a remarkable feat that made her as the first Nigerian to be among the top 10 semi-finalists of the compeition.

In the course of her modelling career, she has worked with big names in the global fashion industry, such as Naomi Campbell; and renowned brands like L’Oréal.

 

Funke Akindele

A popular actress, filmmaker and politician, Funke Akindele, aka Jenifa, has indeed has a flourishing career.

She recently attained a significant milestone with her blockbuster movie titled, ‘A Tribe Called Judah’, becoming the first Nigerian producer to surpass the billion-naira mark in global sales.

Released on December 15, 2023, the film is currently the highest-grossing Nollywood movie of all time.

Akindele began her remarkable journey to cinematic success with her breakout series, ‘Jenifa’, which propelled her into the limelight in 2009. Over the years, she has consistently delivered hits, including ‘Omo Ghetto: The Saga’, and ‘Battle on Buka Street’, showcasing her versatility as an actress and producer.

Notably, the 46-year-old entertainer ventured into politics in 2023, running for the position of Deputy Governor of Lagos State on the platform of the People’s Democratic Party.

In addition to her exploits in the entertainment industry, Akindele is also a philanthropist, who is dedicated to empowering young girls in Nigeria.

Her contributions extend beyond the silver screen, reflecting her commitment to making a positive impact on society.

 

Mo’Abudu

Mosunmola Abudu, popularly known as Mo Abudu, has carved a niche for herself as a visionary entrepreneur and trailblazer in Nigeria’s entertainment landscape.

As the founder of EbonyLife TV, the Ondo State-born entrepreneur made history as the first Nigerian woman to own media house and cimema. Since its inception in 2013, EbonyLife TV has expanded its reach across Africa and the UK, offering a diverse range of programming tailored to a global audience.

Her EbonyLife Films has also produced successful films such as ‘The Wedding Party’, and ‘Òlòtūré’. Her collaborative efforts with international organisations such as Netflix and BBC have further cemented her reputation as a formidable force in the industry.

 

Kafayat Shafau-Ameh

Kafayat Shafau, popularly known as Kaffy, has made significant contributions to the Nigerian entertainment industry as a dancer, choreographer, and fitness coach.

Her groundbreaking achievement came in 2006 when she broke the Guinness World Records for the longest dance party, showcasing her exceptional talent and endurance.

Since then, Kaffy has continued to inspire audiences with her dynamic performances, choreographing for numerous celebrities and appearing on global platforms like MTV.

Beyond her contributions to dance and entertainment, she has also authored bestselling memoirs and books, sharing her expertise and experiences with aspiring dancers.

As the founder of a fitness company, Kaffy promotes health and wellness, advocating for active lifestyles and physical fitness. Her entrepreneurial spirit and global recognition highlight her impact on the entertainment landscape.

 

Chimamanda Adichie

Chimamanda Adichie stands as a trailblazing figure in Nigerian literature. She made history as the first Nigerian female writer to deliver the inaugural BBC Reith Lectures in 2022, drawing inspiration from Franklin D. Roosevelt’s iconic ‘Four Freedoms’ speech. Her literary prowess has earned her numerous accolades, including induction into the esteemed American Academy of Arts and Sciences in October 2017, and the PEN Pinter Prize in 2018.

Hailing from Enugu State, Adichie has been hailed as a leading figure among a new generation of critically acclaimed authors, with her work resonating strongly in the United States of America. Throughout her career, she has garnered recognition for her short stories, including being shortlisted for the Caine Prize for African Writing in 2002, and winning the David T. Wong International Short Story Prize in 2003.

The literary genius from Enugu State has her impact extending beyond her literary achievements. She has been honoured with 16 honourary doctoral degrees from institutions around the world, cementing her status as a revered figure in global literature.

Drug producers lament excessive manufacturing prices, import responsibility

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Drug producers lament excessive manufacturing prices, import responsibility

The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria has lamented the high cost of import duty and the high cost of operation in the country.

The group said the high cost of medications is influenced by the high cost of customs duty, cost of production, and inflation.

PMGMAN is a sub-group of MAN, representing all the manufacturers of pharmaceuticals and allied products in Nigeria.

Speaking with Saturday According, the Chairman of PMGMAN, Oluwatosin Jolayemi said though the rising cost of drugs in the country is not new, the group is worried.

Jolayemi said, “The PMGMAN is certainly concerned but the rising cost is not a new thing. The new thing is the regime that the custom has introduced now, apart from the dollars sliding.

“The Customs decide to use the parallel market rate as their rate of judging duty instead of using the official market rate. Apart from the indiscretional use of picking of HS-Code which increases the duty on each of the products.

“So, we are facing different battles in the industry apart from the dollar uncertainty, we are fighting the battle of duty indiscretion, we are fighting the high cost of operation when it comes to the cost of power; all these costs will certainly increase the cost of production and cost of medication.”

Jolayemi noted that operation funds are being eroded by the devaluation of the naira.

“It’s not only the pharmaceutical industry that is facing this but everyone that is manufacturing that has to bring in any form of raw materials, active pharmaceutical ingredients, packaging materials, that are not locally procured faces the same thing. Now in the case of PMGMAN to be specific, there is no shortcut to medicines, you cannot even adjust quality because the moment you adjust quality, your product becomes substandard.

“So, what is going to happen as time goes on is that you will begin to see that companies will begin to make up their minds on the brands they want to continue to carry. If they import and they notice that some products are just too expensive, they cannot pass on the products because of the price, they will decide to just leave those products, and go with the ones they think they are comfortable with. So, there is no stability in the costing any more, and again there are no credit sales anymore,” he explained.

Proferring ways forward, the PMGMAN chair urged the Federal Government to consider giving about a 40 per cent rebate on every calculated duty, which would provide relief in the import duty.

“The other thing they could do is to look at how to make sure the industry gets like a revolving fund, where industries could have access to funding at the single digit to increase your production, so as not to have an issue of stock out.

“Then the government should begin to look at pharmaceutical manufacturing of medicines, as a security issue. We should understand that a healthy nation is a wealthy nation. If we are sick and we cannot have access to medication, then we are all going to be sick. Except the government pays special attention to the health industry, and particularly the pharmaceutical industry, the hospitals merely become consulting rooms.

“Medicines are very important for security purposes to be able to guarantee a quality of life that we require as a nation. So, I think medicine should be seen as a priority issue for security purposes. They should pay attention to the pharmaceutical industry, though they are doing that already, they need to sit with the pharmaceutical industry to ask what to do because nobody in government is into manufacturing, and they don’t know the problems of manufacturers.

“So, they keep talking to themselves and keep looking for solutions for manufacturers without involving the manufacturers, then it is just an exercise into futility,” he said.

Jolayemi added that there is a need for political will to improve medicine security in the country.

“Except we begin to see the production of medications as a priority, as a people, and as a nation, we might continue to say the same thing over and over again, and until then, we are not going to reach any reasonable conclusion,” he said.

Ladies residing with HIV/AIDS search inclusion in palliative scheme

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Ladies residing with HIV/AIDS search inclusion in palliative scheme

The Association of Women Living with HIV/AIDS in Nigeria has called on both the Federal and State Governments to include them in palliative distribution, social investment funds, and conditional cash transfers among others.

The National Coordinator of the association, Esther Hindi, made the call on Friday at a programme to commemorate International Women’s Day in Asaba, the Delta state capital.

Hindi said this year’s theme, “Invest in Women: Accelerate Progress” was to empower women with life-building skills to reduce their vulnerabilities.

She said, “The International Women’s Day 2024 campaign theme ‘Invest in women: Accelerate progress” is a call to Action for investment in women in all sense of belonging.

“It is also a call to accelerate and value investment in women and girls living with HIV in all diversities to enjoy their rights and live a decent livelihood.

“Therefore, we call on the government both nationally and in states to include women living with HIV in social investment funds, conditional cash transfers, include WLWH in palliative distribution and create employment opportunities for WLWH.

“Our women have been working at the facilities as volunteer Mentor Mothers for over 15 years. Let the Ministry  of Health help us employ our women.”

She noted that the association had provided mental health training for young adolescent girls living with HIV to provide mental health counselling to their peers

In her remarks, the Delta State Coordinator of ASWHAN, Rita Amuwah, said the association was proud of its values and mission to work together to create a positive impact in the state and community with great exclusive insights and ideas together.

She thanked the state Director of women’s affairs, and the program manager SACA among others for all support over the years.

“We are thrilled to have you join us in this year’s International Women’s Day celebration and looking for a better celebration”, she said.

They urged the Federal and State Ministry of Justice, Human Rights Commission, and House of Assembly to ensure domestication of anti-stigma law and enforcement where need be, to protect the rights of women living with HIV and to give them an enabling safe space.

Anambra first girl distributes well being provides to aged

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Anambra first girl distributes well being provides to aged

Dr Nonye Soludo, the wife of Anambra State Governor, Prof. Chukwuma Soludo, has given out no fewer than 27,000 cartons of multivitamin supplements to over 26,000 elderly people in the 326 wards across the state.

The elderly, comprising octogenarians and those above the age of 50, also received healthy living tips and bags of rice at the occasion, which took place at the headquarters of Anambra State Universal Basic Education Board conference hall in Awka, on Friday.

Speaking during the healthy living tips, which were also part of the celebration of International Women’s Day, Soludo stressed that multivitamins were designed to tackle poor dieting by supplementing vitamins and minerals the body needs to thrive.

She noted that the gesture was part of her “Healthy Living Initiative,” designed to make Anambra a livable and prosperous homeland for both the young and elderly.

She said, “With this, we are gradually tackling poor dieting in Anambra State. Old age is a blessing. It is a stage of life that we will all get to. It is just a matter of time. So, we need to plan and prepare to do better in taking care of the elderly in our society to improve their lives.

“Many aged persons are lonely, unhealthy and unkempt, this is why ‘Healthy Living with Nonye Soludo’ as part of its programmes is prioritising care for the elderly.

“These multivitamin supplements will help to increase the quality of life of the elderly in our communities so that they can age gracefully and successfully.

“Multivitamins are designed to fill gaps in your diet. Multivitamins are food supplements that combine different vitamins and minerals. They aim to fill nutritional gaps in the diet and are commonly taken in the form of pills, tablets, capsules, or liquids.

“Multivitamins aim to prevent or correct micronutrient deficiencies or to support the proper intake of nutrients when the diet alone is not enough to provide them.”

The governor’s wife added that the “Healthy Living Initiative” was also initiated in the state to take care of and maintain the elderly and indigent people, regardless of their political affiliation.

Speaking earlier, the state Commissioner for Health, Dr Afam Obidike who appreciated the first lady for her generosity said, “We made provisions for 80 elderly persons in each of the 326 wards and our councillors will help to distribute the multivitamin supplements at their various wards.

“The multivitamin supplements are essential nutrients that they need for their body and brain to function well.

“This is part of the ‘Healthy Living’ campaign that our society should not abandon the elderly because they are still very relevant.”

The Anambra State Commissioner for Special Duties, Beverly Ikpeazu-Nkemdiche equally appreciated the governor’s wife for her kind gesture and urged the councillors to efficiently distribute the multivitamins to the elderly in their wards.

The councillors from the various wards received the cartons of supplements for onward distribution to the elderly people in their communities.

Some of the beneficiaries, who spoke to journalists, described the gesture as a work in progress, calling on successive governments to build on the successes of the incumbent administration.

Catholic church seeks return, reintegration of IDPs 

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Catholic church seeks return, reintegration of IDPs 

The General Assembly of the Catholic Diocese of Wukari in Taraba state on Saturday appealed to the state government whose primary duty is to ensure the welfare of citizens, to facilitate the return and reintegration of internally displaced persons to their communities.

This was contained in a communique issued at the end of the First General Assembly of the diocese held in Wukari, Taraba State, and signed by the Bishop, Most Rev. Dr. Mark Maigida Nzukwein and Chancellor, Very Rev. Fr. Simon Akuraga.

The general assembly noted that the process of reconciliation needs justice and peace to flourish. This can only be possible when internal wounds caused by conflict are carefully given curative measures through dialogue and conscience formation of the warring parties.

The statement read, “The past and ongoing conflicts in Taraba state especially in the Central and Southern parts is a complex phenomenon where thousands of people are being killed and displaced. In most cases, the conflicts are oversimplified, under-reported, or completely neglected. The conflicts are either about land, politics, and conquest.

“The church acknowledges that conflict has always been the bane of development and the cause of tension. Apart from killing an individual or group emotionally and spiritually, destructive conflicts hurt group cohesion, promote interpersonal hostilities, divert energies, create bad feelings, lead to high labour turnover, and costly litigations and it can even kill physically.

“The Catholic Church of the Diocese of Wukari calls on all those who are actors in the lingering conflicts to sheath their swords, forgive one another embrace peace, and give way for the preservation of human life and physical development.

“We call on the Taraba State government whose primary duty is to ensure the welfare of citizens, to facilitate a successful return and reintegration of internally displaced persons (IDPs) in the State as the farming season approaches. This vital tool can bring about a lasting peace that forms an intrinsic component of peace-building plans.

“This is no doubt a complex and daunting process, often requiring resources, technical skills, and meticulous planning. We strongly believe that if painfully followed will in the end help in tackling food insecurity in the State and beyond.”

While applauding the free education policy of the government of Taraba State, the church called on the government to give support to mission schools and return the Mission schools taken over by the government to the Church.

Greatest Foreign exchange Brokers in Nigeria (Up to date Checklist 2024)

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Greatest Foreign exchange Brokers in Nigeria (Up to date Checklist 2024)

There are hundreds of offshore&scam forex brokers that accept Nigerian traders.But most of these brokers are high-risk, as they are either unlicensed or they register their clients under Offshore regulations.

For the safety of your funds, traders based in Nigeria should only trade via forex brokers that are regulated by multiple Tier-1 & Tier-2 regulations.

There are only a few Top-Tier regulated forex brokers that operate in Nigeria, which we consider to be low risk. In our research, Exness stood out on most of the important metrics.

Read our research on brokers& detailed list of the various metrics.

📂 Forex Broker ⚖Regulation(s) 💰 Starting deposit 🏦 Naira Account 🌐 Website
Exness

 FCA, CYSEC, FSCA, FSC, FSA, FSC(BV), CBC, CMA $10 Yes www.exness.com

 
HFM

 FCA, DFSA, FSA, CMA, FSCA $5 Yes www.hfm.com/sv/en-ng

 
FXTM

 FCA, CYSEC, CMA, FSCA, FSC N80,000 Yes www.forextime.com

 
XM

 CYSEC $5 No www.xm.com

 
AvaTrade

 CBI, ASIC, CYSEC, FSCA, BVI FSC, FSA Japan, FRSA Abu Dhabi $100 No www.avatrade.ng

 
 

OctaFX

MISA, CYSEC, St. Vincent & The Grenadines N30,000 No www.octafx.com

 
FxPro

 FCA, FSCA $100 No www.fxpro.com

 
Tickmill

 FCA $100 No www.tickmill.com

 

Best Forex Brokers in Nigeria

  • Exness – Overall Best Forex Broker in Nigeria
  • HotForex (HFM) – Best Forex Broker for Beginners
  • FXTM – Best Forex Broker for Naira CFDs on USD/NGN& EUR/NGN
  • XM Broker – Best Forex Broker for Spread Only Trading Account
  • AvaTrade – Best Forex Broker for Fixed Spreads
  • OctaFX – Good Forex Broker with Local Funding Options in Nigeria
  • FxPro – Best Forex Broker with Multiple Platforms at Low Cost
  • Tickmill – Best Regulated Forex Broker with Pro Accounts
  • IC Markets – ASIC Regulated Forex Broker
  • PepperStone – Forex Broker with Commissions

We scrutinized these international forex brokers accepting Nigerian clients based on multiple metrics including: Regulation(s), Fees, Platforms, Payment options for Nigerian traders, List of Instruments, Customer support & Promotions/Bonuses.

1.     Exness – Overall Best Forex Broker in Nigeria

Pros:

  • Tier 1 regulation from FCA UK(Exness is also regulated in 2 African countries: Kenya & South Africa)
  • Exness has a Demo Account for practicing with fake cash in a virtual trading world
  • Exness has Naira base currency trading accounts
  • Exness has a Cent Account which restricts trading to smaller volumes & this is good for beginners who want live trading which the demo account doesn’t provide
  • Low spreads when compared to what major competitors offer
  • Exness allows swap-free trading(no overnight fees) on several instruments
  • Exness has a powerful mobile app with over 10 million downloads on google play store
  • Exness does not charge inactivity fee
  • Exness 24/7 customer support channels are open even on weekends
  • Exness offers VPS hosting to prevent downtime when there’s no network locally

Cons:

  • No bonus is available
  • Range of tradable asset classes are limited
  • Exness is not licensed by SEC in Nigeria

Regulation/Licenses: 5/5

Exness is a retail Forex broker that was founded in 2008 and is regulated by:

  • The Financial Conduct Authority (FCA) UK
  • Cyprus Securities and Exchange Commission (CySEC)
  • Financial Sector Conduct Authority, South Africa
  • Financial Services Commission (FSC) Mauritius
  • Financial Services Authority (FSA) Seychelles
  • Financial Services Commission (FSC) British Virgin Islands
  • Central Bank of curacao and Sint Maarten
  • Capital Markets Authority Kenya (CMA)

Exness (SC) Ltd. does not have a physical local office in Nigeria.

Exness Fees: 5/5

When trading live you are bound to incur: Commissions, Spreads, and Swaps(overnight fees).

However Exness Standard Account users don’t pay commissions, but have to pay spreads from 0.3 pips & above. This implies EUR/USD spread of around 1 pip and GBP/USD around 1.2 pips.

Traders who have more experience are the target of Exness Professional Accounts which require you to pay $3.5 per side commissions which is high as per industry standards; but pay lower spreads starting from 0.0 pips.

Holding a forex CFD position overnight means you earn or pay swap however in many cases you don’t even earn anything. As seen on Exness website, if you bought GBP/USD, you pay $0.18708 every night & if you sold you still pay $$0.11063.

However Exness has enabled swap-free tradingwhich comes with a condition that you trade mostly during the day.

Exness conditional swap-free instruments are:  Indices, Crypto, Gold, &Major Forex Pairs.

Warning: Over 80% CFD traders lose money, so you should be careful about ‘trading actively’without a good plan, as you could incur losses.

Exness Payment Channels: 4.7/5

Exness in Nigeria does not charge fees for deposits/withdrawals. Although Exness accepts transactions to/from local Nigerian Banks, they are yet to configure their systems to accept transactions from more indigenous/local mobile money platforms.

Exness allows you the option of choosing your account base currency to be in Naira, thus you don’t have to go around sourcing for Us Dollar or any foreign currency to trade with. You also avoid paying currency conversion fees since you are trading with Naira Currency.

Find below list of accepted payment methods on Exness:

Method Minimum amount Duration
Bank/Card ●        Withdrawal: $10

●        Deposit: $10

 ●        Withdrawal: 24 hours

●        Deposit: –
Skrill ●        Withdrawal: $10

●        Deposit: $10

 ●        Withdrawal: 24 hours

●        Deposit: 30 minutes
Neteller ●        Withdrawal: $4

●        Deposit: $10

 ●        Withdrawal: 24 hours

●        Deposit: 30 minutes
Online Bank Transfer ●        Withdrawal: $3

●        Deposit: $10

 ●        Withdrawal: 24 hours

●        Deposit: 30 minutes
Perfect Money ●        Withdrawal: $2

●        Deposit: $10

 ●        Withdrawal: 24 hours

●        Deposit: 30 minutes
SticPay ●        Withdrawal: $1

●        Deposit: $10

 ●        Withdrawal: 24 hours

●        Deposit: 30 minutes

Exness Tradable Instruments: 4.5/5

Exness offers Forex trading on 100+ Currency pairs (including major, minor and exotic pairs), 10+ Metals, 90+ Stocks, 10+ Indices and Energies. Leverage ratio offered by Exness is 1:2000

However Exness does not allow you pair the Naira with other currencies to trade. Even when it comes to asset classes like Bonds, and Indices; Exness does not have products based on Nigerian Bonds or Indices.

Exness Platforms: 4.8/5

Exness proprietary platforms(meaning platforms built by Exness) are Exness Web Trader, Exness Trade Mobile App, & Exness Social Trading Mobile App.

Exness MetaTrader Platforms(shared platforms) are MT4 & MT5. However Exness MetaTrader users don’t get any free MT4/5 Expert Advisor plugins.

Useful fact: The Exness Mobile App has an inbuilt MT5 terminal so even if you don’t have the MT5 app on your phone, you can use the one inbuilt into the Exness Trade app. read our Exness Review for more details

Exness Support Service: 4/5

You can engage the Exness LiveChat service while logged into the mobile app & this is convenient. If you trade from a browser or desktop, engage LiveChat on the Exness website.

We like that Exness support stays open 24/7, and other support channels like telephone and email are responded to in English language.

However we do not like that telephone lines are not free and general response time can be long.

Overall: 4.6/5

Exness has the highest no. of regulations, and their costs are also low. The major downside is that their customer support is not the best &tradable instruments offered lack diversity as Bonds, Agro-commodities, &ETFs are not listed on their product menu.

You can get more information about Exness for Nigerian traders here

2.    HotForex (HFM) – Best Forex Broker for Beginners

Pros

  • Naira denominated trading accounts(aka Naira base currency)
  • Strong Regulation: HF Markets is regulated in many jurisdictions including the UK where the FCA has very strong regulations.
  • HF Markets has a Demo Account
  • HFMarkets has a Cent Account specifically built for beginners to trade very small order sizes
  • HF Markets VPS hosting to prevent downtime when there’s no network locally
  • Copy Trading: You can choose to be a Strategy Provider (SP) or a Follower. An SP lets followers to copy his trades and earns a fee. Followers also copy the trades of SPs.
  • Swap-free trading(no overnight fees)
  • Bonus on deposits

Cons:

  • HF Markets trading platforms lineup lack a Web Trader which is desirable if you want to trade on desktop (but they have a mobile app)
  • HF Markets is not licensed by SEC in Nigeria
  • No customer service channels open during weekends, so you will get delayed responses.
  • $5 Inactivity fee
  • Spreads on the HF Markets Cent Account are too high for beginners who are the targets of this account. EUR/USD benchmark spread hovers around 1.6 pips.

Regulation&Licenses: 5/5

When you open an account with HF Markets, your client agreement is between you and HF Markets (SV) Ltd. which is their business unit regulated in Saint Vincent & The Grenadines.

HF Markets also operates in other part of the world, where their operations are monitored and sanctioned by:

  • Financial Conduct Authority (FCA), UK. The FCA regulator in the UK is regarded as a tier-1 regulatory body because it sees a lot of the action in the forex market given that the UK is the forex trading hub of the world. The FCA has thus developed strong regulations based on its experience.
  • Dubai Financial Services Authority (DFSA)
  • Financial Services Authority (FSA) Seychelles
  • Capital Markets Authority (CMA) Kenya
  • Financial Sector Conduct Authority (FSCA) South Africa

HFM has a physical registered office in Nigeria. But theNigerian clients at HotForex are registered under St. Vincent & the Grenadines regulation which is registered as the company name HF Markets (SV) Ltd.

HF Markets Fees: 5/5

HF Markets Cent Account fees include spreads from 1.2 pips upwards, commission payable on all trades except Forex, Metals, & Commodity trades. HF Markets minimum deposit is $5 for the Cent Account.

HF Markets Premium Account fees are spreads from 1.2 pips, & commission charged on all trades except Forex,Metals, & Commoditytrades. HF Markets minimum deposit for its Premium Account is $5.

HF Markets PRO Account fees are spreads from 0.6 pips & commission is charged on every trade except Forex, Metals, & Commodity trades. HF Markets minimum deposit is N50, 000 on the PRO Account.

HF Markets PRO PLUS Account fees are spreads from 0.2 pips & commission is charged on every trade except Forex, Metals, & Commodity trades. HF Markets minimum deposit is N200, 000 on the PRO PLUS Account.

HF Markets Zero Account fees are spreads from 0.0 pips (on forex trades only) & commissions up to $3 per side per 100,000 units of any instrument traded. The HF Markets minimum deposit on its Zero Account is $5.

HF Markets Top-up Bonus Account fees are 1.4 pip & above spreads, overnight swap fees, and commissions on all trades except forex trades. HF Markets minimum deposit on the Bonus Account is $5.

Important information for readers: HF Markets charges commissions on all their trading account types. There are no spread-only accounts at HF Markets

List of commissions charged by HF Markets:

Instrument Commission
💱Forex $3 per side per 100,000 units traded
📈ETF $0.05 per side per share
📈Indices $0.5 per side
📈Stocks 0.1%
🪙Gold &Metals $0
🔥Energies $0
🌾Grains $0
🏛Bonds $0

For dormant accounts on HF Markets, a $5/month inactivity fee is levied after 6 months.

HF Markets Payment Methods: 4.7/5

HFMarkets accepts over 15 funding methods but we discuss the ones applicable to Nigeria. HFM also offers Naira account currency so deposits/withdrawals in Naira don’t need to be converted to another currency thus lowering cost.

Deposits into HF Markets:

  • Nigerian Bank USD deposit takes 2 working days
  • Nigerian Bank Naira deposit is instant
  • USD Wire Transfer deposit takes between 2 & 7 working days.
  • Master & Visa Credit card deposits take 10 minutes and is free
  • Other alternative payment channel deposits take around 10 minutes and HF markets does not charge anything. Also note that payment processor fees are not covered by HF markets.

Withdrawals from HF Market:Nigerian Bank USD Withdrawal takes 24 hours and is free.Wire transfer & Visa credit Card Withdrawal takes around 10 working days.

HFM needs to integrate more local Nigerian mobile payment solutions into its payment lineup.

HF Market Tradable Instruments: 4.5/5

HFM CFD offerings lag behind in the currency asset class segment. Only 50+ FX Pairsincluding both major & minor, but no Exotics.

However Metal CFDs paired against USD & EUR such as Gold and Silver are available and you can trade Gold CFDs with spreads from 0.0 pips.

You also get Energy, Indices, Stock, Commodity, Bond, & ETF CFD market exposure.  CFDs are leveraged products so HFM allows up to 1:2000 in leverage meaning higher risk to you.

HF Market Platforms: 4/5

The HFM Mobile App(developed by HF Markets) for Android & iOS phones lets you trade on your phone and is user-friendly.

MT4 and MT5shared platforms are also provided by HF Markets and supported with what they call ‘Premium Trader Tools’ which are basically free downloadable Expert Advisors for MT4/5 courtesy of HF Markets.

HF Markets Copy Trading platform can be accessed on the HFM Mobile app as well as the MT4 terminal.

VPS hosting has been newly introduced allowing Expert Advisors (EAS) to be connected to HFM servers always and preventing downtime.

However, the downside of HF Markets platforms is that there is no exclusive HFM Web Trader meaning a proprietary trading software that can be accessed from the HF Markets website without the need to download and install it on your device.

HF Markets Customer Support: 4.5/5

HFM is available 24/5 (Monday to Friday) via Live Chat, emails, and Nigerian phone number.

HF Markets Bonus/Promotions

  • 100% supercharged bonus- You can earn $2 daily cash rebates per lot for every $10 you deposit. The rebates can be withdrawn in cash or used to trade
  • 30% Rescue Program: To qualify you need to deposit over N20, 000 or $50 or 40 Euro. For every N20, 000 you deposit you get N6, 000 in rescue. This cash cannot be withdrawn and is to be used for trading only.
  • Deposit Bonus: A 100% credit bonus to all new traders at HFM if you sign up for the bonus.This is available only for Islamic, premium & Micro accounts. To qualify make a deposit of 100 Naira or 100 of any currency. You get a bonus on your deposit which can withdraw from your account.
  • HFM in Nigeria also pays you Return on Free Margin (ROFM) where you earn interest on unused margin, but terms & conditions apply.

Overall: 4.6/5

If you can afford the N50, 000 or N200, 000 minimum deposit for the PRO & PRO PLUS Accounts respectively, you can access really low spreadsat HF Markets and you get to trade with accounts denominated in the Naira currency. Their support is also good, and they have local deposit & withdrawal options.

Read more information about HotForex for Nigerian traders

3. FXTM – Best Forex Broker for Naira CFDs: USD/NGN& EUR/NGN

Pros:

  • Naira Base Currency Account is available
  • Demo Account is available for free
  • You can trade USD/NGN & EUR/NGN
  • FXTM has swap-free trading on Forex & Gold
  • FXTM has no limit & stop levels
  • FXTM supports speedy withdrawals in Naira via Nigerian Banks at zero cost

Cons:

  • FXTM has a N80,000 minimum starting deposit which is quite high
  • Spread-only account (Advantage Plus Account) has high spreads ( the spread plus commission Advantage Account charges lower spreads from 0.0 pips)
  • No beginner friendly accounts (The Micro Account has been discontinued)
  • FXTM is not licensed by SEC in Nigeria
  • No bonus on deposits
  • FXTM charges $3 withdrawal fees when you use Visa/Master/Maestro Cards.
  • Inactivity fee

FXTM is a global financial service provider that was established in 2011 and they accept clients from Nigeria. They do have a physical branches in Nigeria.

FXTM is licensed by:

  • Cyprus Securities and Exchange Commission (CySEC)
  • Financial Sector Conduct Authority (FSCA) South Africa
  • Capital Markets Authority Kenya CMA (where it operates as Exinity Capita East Africa Ltd)
  • Financial Conduct Authority FCA UK (where it operates as Exinity UK Ltd.)
  • Financial Services Commission Mauritius (where it operates as Exinity Ltd.)

FXTM Fees: 4/5

  • Deposit & Withdrawal charges via Nigerian banks: Free
  • Deposit & Withdrawal charges via e-Wallets: Free
  • Deposit charges via Visa & Master Credit Cards: Free
  • Withdrawal charges via Visa & Master Credit Cards: $3

Note that if you intend to deposit in Naira currency, your best option is to use Nigerian Banks because other payment channels don’t support Naira currency.

Spread: On the FXTM MT5 Advantage Account, spread can be as low as 0 pips but with Micro Accounts, the spreads are high.

On the Micro and Standard Accounts EUR/USD spread can be 1.9 pips but on the MT5advantage account spread is zero.

Commission: is $2 per side and is charged on the Advantage Account only. However commissions on Cryptocurrency CFDs can reach $150.

Swaps: FXTM charges for overnight positions but there is also swap-free terms & conditions on certain instruments

The maximum leverage FXTM offers is 1:1000 fixed on the Micro account, 1:2000 floating on the Advantage & Advantage Plus accounts.

FXTM Payment Options: 5/5

Methods Minimum amount Duration
Bank Transfer Deposit: None

Withdrawal: None

 Deposit: Instant

Withdrawal: Instant
MasterCard Deposit: $5

Withdrawal: None

 Deposit: Instant

Withdrawal: 24hrs
Neteller Deposit: $5

Withdrawal: N1

 Deposit: instant

Withdrawal: 24hrs
Bank wire Deposit: $10

Withdrawal: None

 Deposit: 3-5 working days

Withdrawal: 24 hrs

FXTM Tradable Instruments: 4/5

FXTM offers 60+ Forex Pairs (including major, minor and exotic), 5 Spot Metals, 3 Commodities, Stocks, and Indices.

You can trade the USD/NGN& EUR/NGN giving you exposure to the Nigerian market, but these FX pairsare very volatile and should be traded by professionals only.

FXTM Platforms: 4.5/5

FXTM offers MT4 and MT5 trading platforms that are available on PC, Mac, Mobile and iOS. They also offer the FXTM Trader mobile app that is available on both android and iOS.

FXTM platform lets you open account in Naira (NGN), US Dollar (USD), Euro (EUR), & British Pound (GBP) base currencies

FXTM has a Demo Account where you can learn how to trade, or perfect strategies before going live.

FXTM platforms also support copy trading where you can copy the trades of other experienced traders and vice versa.

FXTM Support Channels: 5/5

Live Chat, Nigerian Phone Numbers, email address. Help lines are also open on weekends

Read more information about FXTM for Nigerian traders

4. XM – Best Forex Broker for Spread Only Trading Account

XM Pros:

  • XM has a Micro Account for traders who have practiced on Demo Accounts & are going live for the first time
  • Zero Commissions means beginners will find it easy to estimate profit & loss when making calculations
  • XM has a $5 starting minimum deposit which is affordable
  • Demo Account is free
  • Swap-free trading with Ultra Low Account
  • XM has copy trading
  • XM has good research & education
  • Live price feed
  • XM has a good mobile app with over 5 million android downloads recorded
  • Bonus offerings

XM Cons:

  • No Naira Account
  • High risk- No Tier-1 regulation
  • XM broker is not licensed by SEC in Nigeria
  • No raw spreads. XM spreads can be high with EUR/USD spreads reaching 2.0 pips
  • No CFD Markets for ETFs & Bonds
  • Inactivity fee

Regulation&Licenses: 3.5/5

XM Global ltd. is a financial service provider that was founded in 2009. They are regulated by the Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC).

XM has no registered physical office in Nigeria.

XM Fees: 4/5

XM brokers takes zero commission on forex trading, but their average spread is high.

XM EUR/USD average spread on standard accounts is 1.7 pips but on ultra-low accounts EUR/USD spread can be as low as 0.0016 pips

Although XM charges overnight swap fees, the Ultra-low Account provides swap-free trading on specific instruments

XM Payment Channels: 4/5

You can deposit and withdraw money with XM broker using mastery, visa card, e-wallet like Skrill. There is no option to fund via bank transfer in Naira.

XM Tradable Instruments: 5/5

You can trade up to 1000 instruments on XM. This includes 50+ Forex Pairs, 1000+ Stocks, 8 Commodities, 20+ Equity Indices, 3 Metals, Energies and Cryptocurrency.  XM leverage is 1:1000 maximum.

XM Platforms: 5/5

XM has the MT4 for windows, MAC PCs, web, iOS & Android devices. It also has MT5 for Windows & MAC PCs, web and Android devices.

There is also the XM proprietary trading app for Android & iOS devices

XM only supports account opening in USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, SGD, ZAR base currencies as there is no Naira account

XM has a Demo Account where you can learn how to trade, or perfect strategies before going live.

XM Security: 4/5

XM brokers offers users the ability to enable two factor authentication. It is advised you enable two factor authentication as it gives your account protection from hackers.

Negative Balance Protection is also in place to prevent you from losing more than your initial deposit. If due to volatility your account goes into negative, XM will adjust it back to zero.

XM Support Service: 4.5/5

XM broker customer support is available 24/7 via call, email, and live chat.

XM Bonus/Promotion

XM has a ‘50% + 20% bonus program’ for deposits over $5 into your account. For 50% the bonus cannot exceed $500 and for 20% the bonus cannot exceed $4500

For example you deposit $5000 so your bonus will be (50% of $1000) + (20% of $4,000) = $1300

Overall: 4.2/5

XM is not regulated by any Tier-1 regulation, but they are a reputed broker. Their fees is low with Ultra Low account (no commission per lot) & their support is good.

You can read about the trading conditions on your signup with XM

5. AvaTrade – Best Forex Broker for Fixed Spreads

 

Pros:

  • Strong Tier-1 regulation from ASIC
  • AvaTrade offers multiple high-tech trading software/platforms such as a Mobile App, a Web Trader, and another mobile app for trading FX Option contracts.
  • Copy trading is availablevia collaboration with 3rd party copy trading platforms like DupliTrade& ZuluTrade
  • Beginners using the AvaTrade MT4 platform can download their Guardian Angel Expert Advisor to be their companion while they trade. It acts as a risk management tool/companion for beginners.
  • Deposit bonus
  • AvaTrade spreads are fixed (they don’t fluctuate)
  • AvaTrade can reimburse you for losses while trading when you subscribe to the AvaProtect feature
  • List of products you can trade is extensive
  • AvaTrade has a dedicated website for Nigeria& great customer support

Cons:

  • AvaTrade has only one account type. AvaTrade has no Cent Accounts for beginners
  • No support services on weekends
  • AvaTrade does not support Naira base currency denominated accounts. The implication is you pay for currency conversion if you deposit/withdraw in Naira
  • High minimum deposit
  • AvaTrade charges $50 inactivity fee
  • AvaTrade does not provide for swap-free trading(meaning you pay overnight fees on trades left active overnight)
  • AvaTrade is not licensed by SEC in Nigeria

Regulation: 4/5

Avatrade is an online CFD broker that was founded in 2006. This broker accepts traders from Nigeria, but does not have an offline branch office in the country. Avatrade is regulated by:

  • The Central Bank of Ireland (CBI)
  • Cyprus Securities and Exchange Commission (CySEC)
  • Australian Securities & Investments Commission (ASIC)
  • British Virgin Islands Financial Services Commission
  • Financial Sector Conduct Authority (FSCA) South Africa
  • Financial Services Agency (FSA) Japan
  • Financial Regulatory Services Authority (FRSA) Abu Dhabi
  • Israel Securities Authority (ISA)

Fees: 4.5/5

AvaTrade does not charge commission, however they charge fixed spreads. The average spread for some Forex pairs like EURUSD is 0.9.

For Nigerian users, AvaTrade has a maximum leverage of 1:400. Avatrade charges inactivity fees and swap fees.

Payment Channels: 3.5/5

Deposits: You can deposit money into Avatrade via e-Wallets, Wire Transfer, Credit/Debit Card. For credit card deposits it is instant, for e-wallet it take 24 hours and for wire transfer it takes about 7 working days.

Withdrawals: You must withdraw via the same channels which you deposited which could be e-Wallet, Wire Transfer, Credit/Debit cards.

However deposits or withdrawals from Nigerian banks are not supported. Credit cards from Nigeria are also not accepted by Avatrade.

Tradable Instruments: 4/5

Avatrade offers Forex trade with 50+ currency pairs (including exotic, major, and minor). They also offer CFD trading on stocks, commodities, ETFs, bonds, and indices.

Platforms: 4.5/5

Avatrade offers MT4, & MT5 platforms which are ideal for automated trading. Although MT4 users can build their own Expert Advisors (EA), AvaTrade has built the Guardian Angel EA for risk management and offers it for free.

AvaTrade Proprietary platforms such as AvaTradeGO & AvaOptions mobile apps are built by them and offer advanced features.

The AvaTradeGO app is for CFD trading on mobile phone while the AvaOptions mobile app is for FXOption trading on mobile phones.

AvaTrade offers copy trading via ZuluTrade & DupliTrade platforms (these are external platforms not owned by AvaTrade) where you can mirror the trades of other experienced traders and vice versa.

AvaTrade also has a demo account for beginners to learn how to trade.

Support: 4/5

Avatrade customer service is available 24/5 via email, live chat or call and doesn’t work on weekends and holidays.

AvaTrade Bonus & Promotions

AvaTrade offers deposit bonus. For deposits over $200 you get 20% back as bonus.

You can read about the trading conditions on your signup with AvaTrade

6.OctaFX -Good Forex Broker with Local Funding Options in Nigeria

Octafx Pros:

  • Low spreads
  • No withdrawal fees
  • Spread-only accounts (commissions are not charged on Octafx Accounts)
  • Octafx does not charge overnight swap fees
  • Octafx has a Demo Account
  • Octafx does not charge inactivity fees on dormant accounts
  • Multiple trading platforms
  • Copy trading is available at Octafx
  • Deposit bonus (new & existing clients)

Octafx Cons:

  • Octafx is not licensed by SEC in Nigeria
  • High risk- No strong Tier-1 regulation from the FCA UK. They are still popular in Nigeria.
  • High N30,000minimum account opening balance
  • No Naira base currency
  • Limited products to trade

Regulation: 2/5

Octafx was launched in 2011 and is regulated by The Mwali International Services Authority (MISA) located on the Comoros Island off the coast of Madagascar.  This is not exactly top-tier regulation, as Mwali is not an advanced economy.

Octafx Fees: 4.5/5

OctaFX does not charge commission, they charge variable spread that starts from 0.8 for a currency pair like EUR/USD. This broker offers investor protection and has maximum leverage of 1:500.

Octafx Payment Channels: 4/5

Deposit & Withdrawal is free of charge as Octafx does not charge any commission for the service.They have also provided several methods of deposit and withdrawal.

Method Minimum amount Duration
Bank Transfer Deposit: 15000.00 NGN or $50

 

Withdrawal: 3000.00 NGN

 Deposit:

Withdrawal: 1-3 hrs
Bitcoin Deposit: 0.00037000 BTC

Withdrawal:0.00009000 BTC

 Deposit: 3-30 minutes

 

Withdrawal: 3-30 minutes
Ethereum Deposit: 0.02000000 ETH

Withdrawal: 0.00500000 ETH

 Deposit: 3-30 minutes

 

Withdrawal: 3-30 minutes
Master Card Deposit: 50 EUR Deposit: Instant

Octafx Tradable Instruments: 3.5/5

Octafx offers CFDs on 35 Currency Pairs, 150 Stocks, 10 indices, 30 Cryptocurrencies, Gold &Silver. The Octafx CFD catalogue is not very rich as ETFs, Soft Commodities, Zinc, &Bonds are missing.

Octafx Platforms: 4/5

Octafx offers the MT4 and MT5 trading platforms that run on Web,Android,Windows, and Mac operating systems.

Octafx also offers their own proprietary mobile app called ‘OctaTrader’ which runs on web, Android, and iOS devices.

OctaFX only supports USD and EUR account base currencies and there is no Naira account.

OctaFX has a Demo Account where you can learn how to trade, or perfect strategies before going live.

OctaFX platforms also support copy trading where you can copy the trades of other experienced traders and vice versa.

Octafx Security: 3/5

Every withdrawal from your account must be confirmed by you via email to prevent fraudulent withdrawals.

Negative Balance Protection is also in place to prevent you from losing more than your initial deposit. If due to volatility your account goes into negative, Octafx will adjust it back to zero.

Octafx Support Service: 4/5

Customer support is available 24/7 via live chat, email, and enquiry form.

Octafx Bonus

Octafx offers both new & existing traders 50% deposit bonus on any deposits above $50.

Overall: 3.8/5

OctaFX is a higher risk forex broker than others in this list. But they are regulated with CySEC, and they have low spreads on major currency pairs.

You can read about the trading conditions on your signup with Octafx

7.FxPro – Best Forex Broker with Multiple Platforms at Low Cost

FxPro Pros:

  • FxPro is regulated by FSCA, FCA; both are Top-tier regulators.
  • FxPro has a good android mobile app with over 5 million downloads on play store.
  • Excellent platform lineup including MT4/5 & cTrader
  • Four Professional Account types out of which 2 offer raw spreads
  • FxPro 1:200 leverage helps reduce tendency for heavy losses
  • Low commission & spreads with cTrader terminal
  • Fixed spreads or variable spreads can be selected on FxPro MT4
  • You can trade CFDs on Futures contracts that have commodities as underlying assets

FxPro Cons:

  • No Naira account available for traders
  • FxPro does not permit trading CFDs on Bonds, ETFs, & Soft Commodities
  • FxPro minimum deposit is $100 which is high for the average Nigerian
  • No Cent Account for beginners who are done with the Demo Account and want to go live while risking little capital
  • No swap-free conditions
  • No deposit bonus
  • Inactivity fee
  • FxPro is not licensed by SEC in Nigeria

Overall: 4.3/5

FxPro is regulated with FCA, which makes them low risk for traders. The fees is low with cTrader account, and they have good customer support. But they don’t have Naira account.

Click here to get more details on FxPro’s website

8. Tickmill – Best Regulated Forex Broker with Pro Accounts

Tickmill Pros:

  • Tickmill has Tier-1 regulation with FCA
  • Tickmill has no inactivity fee
  • Great education
  • Tickmill gives a no deposit bonus of $30 to new traders
  • Demo account
  • Good customer support
  • Copy trading
  • Free EAs for MT4
  • Low commission of $2 per side
  • Low spreads when you use the Pro Account. EUR/USD is 0.1 pips

Tickmill Cons:

  • No NGN account currency
  • Tickmill is not licensed by SEC in Nigeria
  • Tickmill minimum deposit is $100 which is still high
  • No beginner-oriented trading accounts
  • Overdependence on MetaTrader platforms. Tickmill does not have a powerful trading platform of their own.

Regulation: 5/5

Tickmill is a CFD broker that accepts traders based in Nigeria. The Tickmill Group was founded in 2014, and they are a multi-regulated forex broker. They don’t have any local office or phone number in Nigeria, but they are regulated with following regulators:

  • Financial Conduct Authority (FCA)
  • FCA Cyprus Securities and Exchange Commission (CySEC)
  • Financial Sector Conduct Authority (FSCA) South Africa
  • DFSA UAE
  • Seychelles Financial Services Authority (FSA)

Note that Nigerian clients are registered under FSA in Seychelles.

Fees: 4.5/5

AvaTrade has 2 account types for forex traders. One is commission based & other is spread only. The minimum deposit at Tickmill Nigeria is$100.

Depending on your account type, the spreads are as low as 0 pips. But there is a commission with the Pro Account of $0.2 per side for mini lots.

There are no extra charges for deposits or withdrawals.

Payment Channels: 3.5/5

Tickmill only accepts payments via Cards & Crypto from clients in Nigeria. Tickmill minimum withdrawal is USD 25 (depends on your account currency).

There are no extra charges for withdrawing of your funds. But there is no local bank account option for Naira deposits &withdrawals.

Tradable Instruments: 4.5/5

Tickmill has 6 asset classes for CFD trading. These include 62 Forex pairs, 100+ Stock Indices (like NASDAQ, DAX, Nikkei225& S&P500), Crypto, Commodities (including Gold), Bond & Stocks.

Platforms: 3.5/5

Tickmill relies on the MT4 & MT5 platforms for trading. They have also built free Expert Advisors for MT4 users (Advanced Trading Toolkit) which they offer for free.

As for proprietary trading platforms, Tickmill is lagging behind.

Support: 4/5

There is no local phone number in Nigeria. But they have live chat & email support on their website. Their live chat is responsive & were quick in answering our queries.

Tickmill Bonus & Promotions

Tickmill has a $30 Welcome Account Bonus available for new traders. Nigerian clients can register for this bonus, and withdraw any profits made. But make sure to read the terms.

Overall Score: 4/5

Tickmill is a well regulated broker with low spreads and no inactivity fees. Tickmill range of instruments for trading is also good and Tickmill offers a no deposit bonus of $30.

Tickmill MT4/5 users also have adequate support through Smart Trader Tools but their platforms for trading lack a Proprietary Web Trader &Mobile App.

You can read about the trading conditions on your signup with Tickmill

Runner Ups – Best Forex Broker Nigeria

How should you choose a Forex Broker in Nigeria?

Here are metrics we considered when choosing the listed Forex brokersfortraders in Nigeria.

a. Tier 1 Regulation and Reputation

We pay the highest attention to regulation because of the prevalence of forex scams, and the fact that recovery of funds can be nearly impossible.

Tier-1 regulators are those from developed economies like UK and Australia. For example the Financial Conduct Authority of the UK is a Tier-1 regulator and any brokers under their regulation are deemed safer than those not under Tier-1 regulation.

Sinceforex trading is not regulated in Nigeria (but it is not illegal to trade forex), when choosing a broker in Nigeria, you may want to consider brokers that are regulated by top tier regulatory bodies like the Financial Conduct Authority (FCA) and the ASIC.

You must check the website of the broker & find out the regulatory licenses with they hold. HF Markets Group for example has licenses issued by multiple regulators.

You then verify if the licenses are valid or notby visiting the website of the regulator (license issuer), and searching its register of licensed entities.

Example to verify HF Markets FCA license visit www.fca.org.uk, click on ‘firms’, then click on ‘check if a firm is authorized’.

b. Local Presence and Support

Some forex brokers have study centers in Nigeria, and hold seminars and trainings periodically. This establishes a footprint as they have a physical presence of some sort enabling you to put a face to the voice.

Whether a broker has a local office branch or not, they should have good customer service that is easy to reach.

Like HFM give their Nigerian phone number on their contact page.

Try to call the number for your questions, not just related to sales, but actual account related queries. See if the responses are satisfactory.

c. Availability across platforms and Ease of Use

Before choosing a broker, you should ensure that the trading platforms they offer are compatible with your device.

Check if the platforms are available on Android, iOS, Linux and Windows. The broker should also offer demo accounts that enable you to test it before you start live trading.

d. Overall Fees

Brokers make money by charging a fee. Some charge more competitive fees than others.

Before trading with a broker, do your due diligence to know how much they charge for Spread, Commission, overnight holding costs, and non-Trading Account charges.

You may want to consider brokers that charge the most competitive fees.

e. Minimum Deposit

Another thing to consider before choosing a broker is the required minimum deposit for account opening & for subsequent deposits.

If you are someone who prefers to trade with small amounts, you may want to consider brokers with low minimum deposit as such brokers do not match your trading styles.

f. Local Payment Options

Depositing and Withdrawing funds should not be a difficult process. You should consider brokers who offer a wide variety of deposit and Withdrawal methods.

Forex brokers that accept payments in Naira via bank account are considered better (only if they are Tier-1 regulated).

You also want to check the terms and conditions for deposit and withdrawal as some brokers charge fees. The duration it takes to deposit and withdraw funds is something you may want to put into consideration as well.

g. Mobile App and MT4

MT4 is one of the most popular trading platforms around the world, and if you wish to hop into the band wagon of people using this platform then your preferred broker should offer it.

Remember MT4 is a shared platform so a good broker should also develop their own proprietary/unique platform. This shows commitment to technology and makes the broker more reliable.

Proprietary platforms offer better functionality than MetaTrader because the broker can keep adding new features at their pace and budget. Brokers can also delete features users don’t find useful.

For example you can access LiveChat from inside a broker’s proprietary platform, which is something you cannot do on MetaTrader platforms.

h. Number of Instruments and access to number of global markets

The number of instruments a broker offers and its access to the global market is one of the important factors to consider when choosing a broker.

A broker’s access to the global market goes a long way to tell the level of liquidity they have.

You may want to consider brokers who offer a wide variety of instruments, as such brokers have more tendency to offer products that you have Interest in trading or investing into.

i. Security of App/Platform

The importance of having a secured app or platform cannot be overstated. You may want to consider brokers who offer two factor authentication during login, and withdrawals.

Two factor authentication makes it difficult for hackers to gain access into your trading platform.

What is the minimum Deposit at Forex Brokers in Nigeria?

There are forex brokers who have N0 minimum deposit required to open your‘trading account’ with them. Note that under this, you are only opening your trading account with that broker, but if you want to trade from that account, then you also need to fund it as well.

For example, HFM has a minimum deposit of N0 (N50,000 for Pro Account which has a lower spread). Exness has as minimum deposit that depends on your choice of deposit. But for Pro accounts (their lowest spread accounts), the minimum funding required is $500.

If any forex broker says zero deposit for any account type, what it ususally means is that lowest amount you can fund, depends on their minimum deposit amount on payment method you are selecting.

If you are selecting Bank Deposit, to take an example, then check what the lowest deposit is for their bank deposit method.

Information of Forex Brokers in Nigeria

🔎 Best Forex Broker Name Exness
☑️ Licenses of Forex Brokers in Nigeria FCA, DFSA, FSA, CMA, FSCA, ASIC
🏦 Lowest Minimum Deposit N7,500 at HFMarkets
💰 Lowest EUR/USD spreads 0.0 pips at Exness
🏢 Brokers with Local Bank Deposits HFMarkets, Exness, FxPro, OctaFX

Frequently Asked Questions (FAQs)

Is Forex Trading Legal in Nigeria?

Yes, forex trading is legal in Nigeria but there are no locally regulated forex brokers in Nigeria, so you are trading at your own risk.

Traders should only trade via Tier-1 regulated forex brokers like HotForex for example to ensure that their funds are safe.

How does Forex Trading work in Nigeria?

You have to register and download the app of a foreign licensed forex broker that is regulated in their jurisdiction. Only the forex brokers regulated by Tier-1 regulations should be trusted.

You then fund your account with the minimum deposit which your forex broker will specify.

After that you choose the contract for trading, which could be Contract for Difference, Options, or Futures contracts.

You choose the currency pairs to trade example use US Dollar to buy Euro (EUR/USD) then wait for the Euro to increase in price before closing your position and making a profit.

What currency pairs should beginners trade?

The major currency pairs which contain the US Dollar and another currency of a developed country are the best to trade.

For example the EUR/USD is the most traded pair in the world and is a major currency pair. You will not find it hard to get someone willing to trade with you online.

How to open account with a Forex Broker in Nigeria?

This involves three to four steps.

  1. Choose a Forex Broker – You should choose a Forex Broker that is regulated by Tier-1 & Tier-2 regulations.
  2. Signup with the Broker – You would be required to submit your KYC documents, and complete the account opening form. For example, you can follow this link & click the ‘Open Live Account’ green button on HFM’s website (or any other broker).
  3. Fund your Trading Account – You can fund via available payment methods for the minimum deposit or higher.
  4. Download App & Start Trading – This step involves downloading the platform or app of your broker from their website. It should be preferred that you use a desktop application for charting & managing your orders.

 

Lagos police arrest lady for poisoning one-year-old daughter

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Lagos police arrest lady for poisoning one-year-old daughter

A woman simply identified as Rukayat is now in police custody for allegedly poisoning her one-year-old daughter with an insecticide in the Oworonshoki area of Lagos State.

According Online gathered that the incident occurred around 11am. on Friday.

A police source told our correspondent that the infant had epilepsy and that the mother poisoned her because she was fed up with the circumstances.

“One Rukayat brought her one-year-old, seven-month-old daughter to LUTH for treatment. Later that same day, she confessed to having poisoned her child with an insecticide because she could not continue with her daughter having epilepsy. She said she wanted to rest from the stress”, the source said.

When contacted, the state Police Public Relations Officer, Benjamin Hundeyin, confirmed the incident to our correspondent.

He noted that the mother has been arrested and an investigation is ongoing.

He said, “Detectives of the division were immediately dispatched to the hospital, and they met the baby receiving treatment, and the mother has been taken into custody after treatment, and the investigation is ongoing.”

Last year, According reported that the Lagos State Police Command had confirmed the death of a 39-year-old woman, Lilian Nwarache, who drank an insecticide in the Iwaya area of Lagos State. She was said to have been frustrated with having an illness.

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