Last updated on
January 18, 2022

Forex or Foreign Exchange is the process of converting one currency to another currency for diverse purposes including commerce and trade. The Forex market is a global decentralized and/or over-the-counter (OTC) market for trading currencies. Using trading volume as a metric, the forex market is the largest market in the world. Recent data from the Bank for International Settlements showed that trading in forex markets averaged $6.6 trillion per day in April 2019. The U.S Dollar is the most actively traded currency in the forex market, comprising at least 90% of the trades.

Nigerian Context

According to Nairametrics, Nigerian forex traders trade positions of an average of $1.25 million per day. Forex trading is not yet regulated in Nigeria. It is also not illegal to trade forex in Nigeria.

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