President Muhammadu Buhari has disclosed his intentions to direct the Central Bank of Nigeria to stop providing foreign exchange for food imports.tinyurl.com The directive, which is in line with Buharis trade protectionist stance, is aimed at stimulating agricultural output and reducing the countrys dependence on oil exports. Since 2015, the CBN has been enforcing policies that deny access to foreign currency for several imported products. Currently, there are 43 items, including some foodstuffs such as rice, tomato paste, vegetable oil and recently, milk. Food items are a major import item into Nigeria. 19.24bn on food importation. 1.1bn, 10.7% of total imports.
Imported food inflation in Q2 was 15.72%, 2.04% higher than domestic food inflation. Hence, the prohibition of forex access for all food imports could push up commodity prices, stoke inflation and could make the CBNs single-digit inflation target unattainable. This will also increase the cost of imported food. Importers of food products would have to source for forex from other windows such as the parallel market. It will also heighten the pressure on the exchange rate at the parallel market. By implication, we could see a shift to the parallel market, thus, increasing demand pressures. This would be further exacerbated by the forex restriction on food imports.
Food inflation declined to 13.39% in July (7th highest in Africa) and it is expected to sustain this trajectory in Q3. However, the denial of forex for food imports would push up food inflation to about 14.5% and reduce consumers purchasing power. To put this in context, if food prices spike further due to the possible full foreign-exchange ban on all food imports (raw materials and finished products), the poverty level and economic hardship will rise steeply. Furthermore, given that poverty is the bedrock of the unrest Nigeria faces on numerous fronts, we would see an increase in corruption and kidnapping. The agric sector has been growing at an average of 3.53% in the last 5 years. It remains one of the most resilient since the recession in 2016. However, the sector is held back by more than just cheap imports.
The sectors performance is still limited by poor quality seedlings, inadequate fertilizers, pesticides and herbicides, outdated machinery and farming techniques, high post-harvest losses and instability in the Middle Belt. The widening supply gap has led to increased smuggling of food items to and from neighbouring countries. For instance, the reduction in rice imports has been compensated by a corresponding increase in its smuggling from porous borders. Data from the IMF shows that as Nigerias rice imports have been declining, rice imports into Benin Republic have been on the increase. So, if the total foreign-exchange ban on imported food products is actualized, higher food prices or outright shortages would quickly turn Nigeria to a smugglers paradise. 6. What Makes a Good Forex Broker?
To now know the level of forex fraud associated with this underselling of the dollar is to know the kind of huge gains that necessitate that. 1 billion into the forex market and the least naira exchanged for a dollar was at N350 when the parallel markets were selling at not less than N450. Now, by selling at such a huge gap between official rate (N350) and parallel market rate (N450) a whopping N100 is stolen. For you to get the artificially scarce naira for your imports or other foreign transactions, you are required to accept dollars at the parallel market rate, and why shouldn’t you?
If you are an importer of finished consumer goods? Ok then, let us multiply 12 billion by 100 and what do you get, N1.2 trillion. Again, this fraud will run from June 2017 to May 2019, since 2018 budget will run up to May 2019 at N305 per dollar. By now, it is crystal clear for one to understand the kind of mind-boggling forex fraud taking place at our apex bank that is being hidden away from Nigerians. But then, that is not all, as you may presume that they have some human feelings. What we can’t tell is if in this scam, they have some powerful politicians whose interests are being carried along. It is difficult to believe that eagle-eyed politicians wouldn’t know about this fraud, especially given how they have been allowing such unbelievable exchange rates year in, year out.
Understandably, it will be difficult for this to happen especially as we are about entering the electioneering period, [August 2019] - Forex Trading In Nigeria Nairaland a time all elected politicians would be looking for money no matter the source. That is why I am foreseeing surge in this unheard-of institutional forex fraud. As a result, there is no way presidency and our federal lawmakers, having received this kind of free money would ever want the current CBN leadership to be replaced. Not, and never in this world! As members of the Okonjo-Iweala led Economic Management Team, which in reality was a carefully constructed project, Jim Ovia and Dangote used their membership in controlling all major TINY.CC economic policy decisions of the Jonathan administration. Little wonder handing Dangote dollars at such unbelievable rates, remains one of the many ways to pay him back for the role he played in his becoming the country’s chief banker. If you were given a dollar at N305 when the black market was at N400, for example, tiny.cc wouldn’t you go to the black market where at N400 you can easily make N95 per dollar? 10bn within two years translating to N950bn (i.e. 10bn x 95), with such huge profit, if you were Dangote, shouldn’t it make sense to always postpone completing your refinery/petrochemical for now?
With deepwater exploration working some 10 years in advance of development, today's newbuild semisubmersibles feature technical innovations intended to increase operator efficiency and improve vessel reliability. Importantly, these new semisubmersibles (semis) also are helping to reduce well construction costs. One such rig, the Sedco Express, due to be delivered at the end of this year, is rated for operation in 7,500 ft of water, with upgrades possible to 10,000 ft of water. The fifth-generation semi is modular in design, with the 200-ft drilling rig derrick positioned at the stern of the deck. This design approach includes vertically racked pipe storage for improved pipe handling and increased deck space.
The Sedco Express is dynamically positioned with the ABS class notation of XDPS3 - the highest rating possible, demonstrating full equipment redundancy for remaining on station while drilling. Sister vessels Sedco Energy and Cajun Express, each due to be delivered in the first quarter 2000, also will be XDPS3 and will incorporate a mooring system, giving operators increased flexibility for stationkeeping. This option will allow operators to attend some shallow water locations where it is possible to avoid continuous use of thruster units or to moor the rig with a pre-laid mooring system, permitting long-term subsea developments. To improve deckload capacity while reducing total vessel weight, the Sedco-Forex semi is designed with most of it's mass below the water line. Strategic placement of the engine room and drilling mud tanks in the pontoons lowers the center of gravity and Tiny improves stability in rough waters.
The design innovation allows for a lighter deck structure for deepwater drilling and increased deck space for riser and drill pipe. The Sedco Express offers 30,000 sq ft of deck area and an operating deckload of 6,000 tons. The design scheme calls for three 4.4-mW engines for each pontoon, presenting significant challenges for safe and efficient operations. ABS began working with Sedco-Forex during the preliminary design phase to assist the contractor in achieving safe, optimum performance. The endeavor proved challenging for resolving potential hazards within the context of the ABS rules and international regulations. Critical issues associated with explosions, fire protection, and water ingress have included effective ventilation and use of watertight fire dampers. Effective ventilation and engine exhaust removal from the pontoons is essential as the generator rooms and mud tanks represent a fire or explosion hazard.
The diesel engines that drive these generators consume a large supply of air that needs to be fed to the generator room and then exhausted. In terms of the configuration of equipment, Sedco-Forex located the ventilation and exhaust trunks within the inner “safe” area of the vessel columns, thus isolating them from areas exposed to potential waterline collisions. At a diameter of 1.25 meters, the size of these ducts far exceeds the normal ventilation to pump rooms, which are usually the principal machinery located in the pontoons. In addition to the ventilation ducts, engine exhaust, piping, electric power and control cables, access stairs, and a personnel elevator are fitted in the columns. To ensure personnel and equipment safety, the columns are built in a “double skin” arrangement so that the 11-meter by 11-meter trunk is not exposed to flooding in the event of a collision.
All ducts and pipes are designed, built and verified to prevent the possibility of progressive flooding. These precautions further ensure that if any watertight compartment in the rig is flooded, the water will be contained, avoiding a chain reaction that could ultimately lead to loss of the rig. Among Sedco-Forex's several fire protection measures, watertight fire dampers were needed to isolate the sections of the exhaust trunking. In some locations, ABS approved ducting extended above the damage water line to eliminate the need for some fire dampers. With regard to the rig's structural design, two notable features included elastic supports for the quarters and a simplified cross bracing system. The quarters are mounted on resilient foundations, which reduces the loads passing through them and reduces the scantlings or use of steel.
To provide improved access for support vessels, while reducing the risk of collision, Sedco-Forex opted to not use the more traditional vertical truss structure to connect the rig's structure. Instead, a simplified cross bracing system without vertical members extends between the rig's columns only below the operating water line, allowing supply boats to move in closer to the semi.bit.ly The design approach also proved easier to build. ABS worked with Sedco-Forex to ensure that this system meets ABS' strength and fatigue requirements. Construction of the Sedco Express and Sedco Energy is under way at DCN in Brest, France. The third unit, Cajun Express, is being built at the PPL yard in Singapore.
Cajun Express will work for Marathon in the Gulf of Mexico. ABS is classing each of the semis, providing global support for design review and on-site technical assistance, along with surveys at the shipyards and vendor TINY.CC shops worldwide. Each of the semis will be classed XA1 Column Stabilized Drilling Unit XAMS XDPS3, ABS' highest class designation for a self-propelled semisubmersible drilling unit with unattended engine rooms and fully redundant dynamic positioning capability. Robert A. Major is a principal engineer with ABS Americas, responsible for proposals and project management of major classification projects, including Spars, tension leg platforms (TLP), and floating production storage and offloading (FPSO) systems. He has served as project manager for the Sedco Express, the Diana and King Spars, the Morpeth and Allegheny TLPs, and the Petrobras XXXIII and Petrobras XXXV FPSOs.
To further reduce weight on the Sedco Express semisubmersible, especially at the crucial upper level locations, fiberglass reinforced plastic (FRP) grating is used extensively. Weighing as little as one-fourth the weight of conventional steel grating, FRP grating offers equivalent strength characteristics, while giving the added benefits of being corrosion and chemical resistant, non-conductive/non-sparking, fire resistant, and having virtually no maintenance requirements. Sedco-Forex designed the layout of the FRP grating in accordance with the latest industry standards. In areas with increased safety functions, including escape routes, firefighting stations, lifeboat stations, muster points, and others, the FRP grating design is tested to standards with increased fire resistance while maintaining sufficient load-carrying abilities. ABS reviewed the FRP grating arrangement, as submitted by the shipyard, to ensure consideration of all safety aspects.
NNEWI, Nigeria, Aug 31 (Reuters) - At a factory in southeast Nigeria, dozens of new white buses stand at the end of the production line, apparently ready to take on some of Africa's toughest roads. Unfortunately for Nigeria's main domestic vehicle assembly firm they are going nowhere for now. In an economy starved of dollars because of the slump in oil prices, Innoson Vehicle Manufacturing (IVM) cannot buy imported components, leaving the buses without engines - a metaphor for the problems afflicting Africa's most populous nation. GDP figures on Wednesday confirmed that the continent's biggest economy slid into its first recession in 25 years in the second quarter, shrinking by 2.06 percent after a 0.36 percent contraction in the first three months of the year.
The poor state of the manufacturing sector in particular is a blow to President Muhammadu Buhari, who has been pushing hard to wean Nigeria off its dependence on crude oil sales, which make up 70 percent of government revenues. Production had stopped “as we are waiting for the imported items for which there is a forex issue,” chairman Innocent Chukwuma said at the firm's plant at Nnewi, in southern Nigeria. Launched in 2010, IVM last year raised its annual production target for 2016 from 4,000 to 6,000 vehicles due to a “Made in Nigeria” campaign that generated strong sales to the police, state agencies and churches.
Those ambitions are now looking shaky if promises of government assistance fail to materialise, Chukwuma said. 26 billion this month as the central bank stepped up its dollar sales to try to address the widespread foreign exchange shortage. A 40 percent devaluation of the naira in June was meant to resolve that shortage by encouraging delayed inward investment and opening up the currency market. But trade on the official market remains thin, with many of the available dollars finding their way to the black market, where they are sold at a premium of 40 percent. For a country that imports everything from machines to milk the impact is huge. Uche Okeke, who used to make 1,000 pairs of women's shoes a month before the price of glue quadrupled, forcing him to nearly halve production and lay off half his staff.
With the inflated input costs, consumers in neighbouring Cameroon, who used to buy most of Aba's shoes, are now opting for cheaper Chinese footwear. Until recently, three trucks laden with shoes and bags left the city for Cameroon every week. Now it is one every fortnight, traders at the city's almost deserted motor park said. Government officials point to a sizeable investment this year by U.S. Coca Cola in local juice and dairy firm Chi Ltd as evidence of a turnaround in Nigeria's fortunes, but business people say promises of government support fail to materialise. Finance Minister Kemi Adeosun said earlier this month that exporters should get tax breaks, another item in a list of proposals that have yet to make it into law.
A government source said last week that Buhari wanted parliament to grant him extra powers to speed up plans such as easing visa restrictions for potential investors. 1.2 billion) on building roads or improving the power supply but that has had little impact in a country of 190 million that has suffered decades of mismanagement. The main roads around Aba - whose shoes are said to have rivalled even Italian footwear in the decade after independence - are littered with pot-holes and in some parts are little more than dirt tracks. Goodluck Nmeri, head of the 6,000-strong shoemakers' association in Aba.
Paris-based Prosernat supplied this separation package for Enterprise's Pierce FPSO in the UK North Sea. ProserNat is working with other French contractors to combine its technology into deepwater subsea separation systems. Field development layout for Tiny Kuito Phase 1a - Coflexip Stena Offshore is responsible for much of the subsea equipment/installation. Offshore-related work is beginning to stream into the new Lobito yard in Angola, under construction by a joint venture involving Sonangol and ETPM. France's two major oil companies have reacted in different ways. Total became bigger, especially downstream, through a merger with PetroFina. Elf has resisted so far the idea of an alliance, but has sought to cut costs, partly through restructuring of its operations in Po Pau. Elf has claimed it can afford to stay independent.
Although its net income has decreased, it has not suffered as much as other oil majors such as Shell. Total is in a similar situation, according to Philippe de Panafieu of French petroleum research body CEPM. Upstream specialists in geophysics, like CGG, and drilling services (Geoservices), will be more affected by these cuts - CGG, for instance, cancelled an option for a second newbuild 3D seimic vessel from Chantiers de l'Atlantique. There will be 140 bundles to tow 250 km from the beach at Soyo, Angola to the field,“ de Panafieu says, “in the form of carrier pipes. And 277 connections will be needed, all by ROV.
Another problem is that Girassol's oil is viscous, paraffinic and not very hot. The temperature between the wellhead and FPSO must be strictly maintained - no more than one degree C per km may be lost. And a further challenge is to inject gas at the foot of the riser to lift the column. However, they must be careful as flow must be continuous without too many slugs forming. Vachier adds that the mooring system for Girassol, which includes use of suction anchors and polyester ropes to anchor the associated loading buoy, is another technical breakthrough. Also off Nigeria, ETPM is in the frame for Shell's shallow water Ea project, bidding an EPCI contract for four wellhead platforms which would be built at its Warri yard.
Another new Elf project is Tchibeli offshore Congo. Here ETPM has the contract to lay an electric cable and water injection line, plus a 25 km insulated production line between the Tchibeli Field and its host platform, the Nkossa barge. DLB Polaris will employ S-Lay for the installation. The production line features pipe-in-pipe technology for the insulation, created by Interpipe. The latter, based in Louveciennes, Paris, also developed a pipe-in-pipe system for Shell Expro's HT/HP ETAP project in the UK North Sea. CSO is part of the consortium working on the Chevron-led Kuito Phase 1a facilities, another deepwater Angolan development. CSO is supplying flexible flowlines and risers and umbilicals, plus two gas lift distribution manifolds and one subsea control distribution manifold. France's CEPM is also evaluating numerous other research projects for 3,000 m water depths. One is for a new drilling riser, such as Sedco Forex or Pride/Foramer. Cameron in Beziers is working on a BOP for drilling in these depths. H2S migration through polymer coating in flexible pipes (IFP and CSO). Copyright 1999 Oil & Gas Journal.
LUSAKA, Aug 3 (Reuters) - The Zambian kwacha is expected to firm next week on increasing hard currency inflows, while the Kenyan shilling is likely to remain steady as the central bank intervenes to smooth out price volatility. The Zambian kwacha is likely to firm versus the dollar next week due to increasing hard currency supply ahead of an expected cut of the benchmark lending rate by the nation's central bank. At 0751 GMT on Thursday, commercial banks quoted the currency of Africa's second largest copper producer at 9.0100 per dollar from a close of 8.8100 a week ago. Zambian branch of South Africa's First National Bank (FNB) said in a note. On May 17, Zambia's central bank cut its benchmark lending rate by 150 basis point to 12.5 percent and is due to announce a new policy rate on Thursday next week.
The Kenyan shilling is expected to hold steady against the dollar in the coming week with central bank intervention likely to smooth out price volatility ahead of general elections on Tuesday, traders said. At 0817 GMT, commercial banks quoted the shilling at 103.80/104.00 per dollar, the same as last Thursday's close. The Ugandan shilling is forecast to trade in a stable range, though with a weakening bias as dollar demand from manufacturing and energy players exert moderate pressure. A trader at a leading commercial bank said demand from manufacturing and energy importers was expected to remain elevated over the coming week. The local currency would oscillate between 3,605-3,625 against the greenback, he said.
Nigerian naira is seen stable in the coming week as the central bank sustains its intervention in foreign exchange market. The local currency is quoted at 365 to the dollar on the black market on Thursday, unchanged from last week's level while the currency issue stuck at 305.90 to the dollar on the official interbank market. Nigerian central bank has been intervening in the forex market since February in a bid to ease pressure on the local currency. The cedi is expected to remain stable next week on regular central bank dollar sales to balance interbank demand analysts said. The local unit was trading at 4.3854 to the dollar by mid-day on Thursday, up from 4.4050 a week ago. Chris Fiagbe, Tiny.cc a currency analyst said. The Tanzanian shilling's outlook remains stable in the near term, helped by dollar inflows from tourism and agriculture sectors and subdued dollar demand from importers. On Thursday, commercial banks quoted the shilling at 2,234/2,244 to the dollar, unchanged from a week ago.
Forex trading in Nigeria is very lucrative. This beginner’s guide to Forex trading in Nigeria will help you move from a beginner to a professional in forex trading in Nigeria. Starting with a demo account is strongly recommended for newcomers to the forex industry. In forex trading, the higher the profit, TINY.CC the higher the risk. How does a demo forex account work? What is the best forex demo account?bet9ja.com How do I open a forex trading account? Forex currency pair quotes: What does it mean? Forex trading in Nigeria: Strategies. How much money do you need to open a forex account? How do I open a real account on MetaTrader 4? Forex trading in Nigeria - all you need to know. The foreign exchange market is a worldwide decentralized or over-the-counter market for the trading of currencies.
For each currency, this market sets foreign exchange rates. It covers all elements of purchasing, selling, and exchanging currencies at determined prices or current prices. Forex trading is the purchase or sale of currencies. For a multitude of reasons; banks, central banks, corporations, institutional investors and individual traders exchange foreign currency, including balancing the markets, promoting international trade and tourism, or making a profit. Forex brokers in Nigeria. Forex brokers are companies that provide a platform for traders to purchase and sell foreign currencies. In this industry, transactions are always between a couple of two distinct currencies, so either forex traders purchase or sell the particular pair they want to trade.
Forex brokers may also be regarded as retail forex brokers or brokers for currency trading. Most forex broker companies only manage a very tiny part of the total foreign exchange market volume. Retail currency traders use these brokers for speculation reasons to obtain access to the 24-hour currency market. Major companies such as investment banks also provide Forex broker services to institutional clients. Apparently the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) are the bodies who have the power to establish a regulatory framework for trading in OTC derivatives. After the bill is drafted by their representatives, it has to be approved by the national assembly and the President in order to become a law.
All of these steps are expected to take at least 2 years. At present the brokers with the greatest market share in this country are FXTM, HotForex, InstaForex, Liteforex, tiny.cc Alpari, FxOpen and MTrading. Only two of them hold a license from a reputable financial regulator - FXTM is regulated by CySec and FxOpen is regulated by ASIC and FCA. FxOpen however runs also an unregulated forex brokerage, registered in a small island in the Caribbean Sea. Forex trading is a practice which entails skill, excitement and a strong perception of the financial markets. It involves exploring the economy in depth, identifying and grabbing opportunities and having a strong sense of control over your actions.
It also involves a high element of risk; this is why as a newcomer to the forex industry, one should always take baby steps before walking and learn how to walk before running. And there’s no better way to do this than to start trading on a demo account. Trading on a demo account is how to start Forex trading in Nigeria. Almost all Forex trading platforms have demos which help beginners to learn how to trade. Trading requires so much experience and knowledge to avoid loss. We strongly recommend you start with Forex trading demos. How do I open MetaTrader demo?
This procedure is meant only for the clients who are not registered in Profile. 1. Download MT4 Platform and install it on your PC. Click on “File” of the main menu. A drop-down menu will appear. Select “Open an account” from the there to call out the first window of the account opening procedure: “Personal details”. Fill out the fields and tick “I agree to subscribe to your newsletters” check-box. Press “Next” to continue. Select the appropriate demo server and press “Next”. Make sure you saved this information and press “Finish” to close the pop-up window and resume the procedure.
You will be automatically logged in to your newly opened demo account. Before taking any practical steps, you can gain theoretical knowledge using these links. How does a demo forex account work? A forex demo account is a practice trading account funded with virtual money. While you can register for a demo account at any time, trading the demo account is typically limited to the market hours each instrument is available for trading. The demo environment is identical with the live setting in this respect. Forex is a fluctuating and often volatile space, with currency pairs constantly on the move.
That is why many brokers are providing traders with a demo account to practice first without depositing funds. Demo accounts are great for beginners, or for traders that are new to the broker to test out their platform and familiarize with it. It is also excellent for intermediate or advanced traders that want to test run their new strategies without first committing real capital. What is the best forex demo account? The following are outstanding forex brokers and their forex demo account platforms have been rated as the best by several reviewers. Relatively few online brokers base their operations in Nigeria.
Alpari - Open an account. GO MARKETS- Open an account. OctaFx - Open an account. Plus500 - Open an account. FXCM - Open an account. EightCap - Open an account. Markets - Open an account.bet9ja.com Toro - Open an account. Every forex trader needs to know the meaning of the following terms used in forex trading. Exchange rate is the value of one currency expressed in terms of another. In Forex trading, a PIP or pip is short for ‘percentage in point’ and is a measure for exchange rate movement. The pip is a unit - a numeric value that ultimately measures profit and loss. Pip is the smallest increment of price movement a currency can make.
Forex traders will often quote the movements, profits or losses in pips. For example, stating something like “I made 50 pips on today’s trade” or “the EUR/USD has just gained 20 pips in the last two hours”. A spread is the pip difference between the bid and the ask price of an underlying asset. As it is essentially the cost of making a trade, Tiny.cc it is important for Forex traders to know what spreads are. To find the spread, [August 2019] - Forex Trading In Nigeria Nairaland we minus the Bid (Sell) Price from the Ask (Buy) Price. Buy Price - Sell Price. The MT4 Trade Terminal will show the spread quoted in pips between the two prices.
Leverage is the ratio at which defines the loan amount, “margin”, that traders are allowed to use to gain access to larger sums of trading capital. Leverage is the ability to gear your account into a position greater than your total account margin. Leverage can heighten both profits and losses and TINY.CC should be used wisely. Due to the nature of leverage, some forex providers have strict leverage restrictions in place to assist traders in minimising risk. 1,000 of margin in his account, his leverage is 200 times, or 200:1. Increasing your leverage magnifies both gains and losses. To determine the leverage used, divide the total value of your open positions by the total margin balance in your account. In Forex trading, a margin is required to trade.
The deposit required to open or maintain a position is known as margins. A margin can be considered as the minimum collateral or deposit. This margin allows you effectively take a ‘loan’ - access to a larger amount of capital. How to calculate the margin per trade? An account leverage ratio is used to determine how much margin will be required. If a trader’s account falls below the minimum amount required to maintain an open position, he will receive a “margin call” requiring him to either add more money into his or her account or to close the open position. Most brokers will automatically close a trade when the margin balance falls below the amount required to keep it open. The amount required to maintain an open position is dependent on the broker and could be 50% of the original margin required to open the trade.
Looking at the MT4 terminal, you will see the term ‘Volume’ appear. Volume in the Order window refers to the volume to buy/sell. Volume in on the Volume bar in the charts refers to the tick volumes. It counts how many times the price has changed in that period. Bid Price - The bid is the price at which the market (or your broker) will buy a specific currency pair from you. Thus, at the bid price, a trader can sell the base currency to their broker. Ask Price - The ask price is the price at which the market (or your broker) will sell a specific currency pair to you. Thus, at the ask price you can buy the base currency from your broker. Bid/Ask Spread - The spread of a currency pair varies between brokers and it is the difference between the bid and ask the price.
When you’re trading, sometimes you’ll notice a slight difference between the price you expect and the execution price (the price when the trade is executed). When this happens, it’s known as slippage. It’s a common thing to experience as a trader and it can work either positively or negatively. The main reasons for slippage are market volatility and execution speeds. The market follows the trend but goes past your execution price and up to 0.9060 very quickly - within a second. Because your expected price of 0.9050 is not available in the market, you’re offered the next best available price.
00.0005, or -5 pips. How do I open a forex trading account? The first thing to do is to choose the forex broker whom you want to open account with. There are many essential things you need to consider. This is because as a Nigerian trader as well as other traders in other countries, you need to find a reliable broker so that your hard earned money can be protected from scammers, money launderers, and various illegal brokers. There are a number of steps you will have to go through which are listed in the section below which explains ‘How to reduce loss in Forex trading in Nigeria’.
Follow the links below to open forex trading account. Alpari - Open an account. GO MARKETS- Open an account. OctaFx - Open an account. Plus500 - Open an account. FXCM - Open an account. EightCap - Open an account. Markets - Open an account. Toro - Open an account. Learn forex trading in Nigeria using this guide; it will reduce losses that beginners usually have. We recommend starting with demo account before trading forex with real money. After you have practiced with the demo account, it is now time to begin the real trading. In this section, we will show you how to trade forex in Nigeria. Forex currency pair quotes: What does it mean? It is important you understand how to properly read a currency pair quote before you start trading them.
The exchange rate of two currencies is quoted in a pair, for Tiny.cc example USDEUR. The wisdom behind this is because during foreign exchange transaction you are buying one currency and selling another at the same time. If you were to buy the USDEUR and the dollar strengthened against the euro, you would then be in a profitable trade. Let us use this example to clearly show you what currency pair quotes mean. In the above example, the exchange rate tells you how much you need to pay in terms of the quote currency to buy one unit of the base currency.