Tag Archives: Naira

AMA, Business

Choosing a broker? Here are the 5 signs of a reliable platform

MaraviPost

LAGOS, Nigeria, 26 August 2025-/African Media Agency (AMA)/-The Nigerian Forex market keeps attracting traders all over the world. In recent years, its accessibility and potential for profit have grown by leaps and bounds. Although to trade safely and not worry about a thing, traders should understand the legal landscape, rules, and characteristics defining this particular market.

Check the five most important indicators that show a trading platform is trustworthy and will serve you well.

First of all, check regulations and security

Even though Nigeria now lacks a comprehensive regulatory framework for online trading, platforms regulated by top-tier bodies like the UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), or South Africa’s Financial Sector Conduct Authority (FSCA) often uphold higher safety standards.

It’s better to always check for security encryption, compliance certifications, and, if possible, register and fund through local naira accounts for added convenience.

Second, don’t underestimate asset variety

A versatile platform gives traders access to Forex pairs, digital assets, metals, indices, stocks, and more. Different brokers offer different selections. Some, like JustMarkets, provide a wide spectrum, while others focus on local equities via platforms. Choose what works best for you, but remember that a great variety of instruments can give more opportunities.

Third, test user flow and educational tools

Ease of use and intuitive UX make a fantastic difference. Platforms with friendly interfaces, demo accounts, educational resources, and responsive customer support are ideal. 

Big brokers, such as already mentioned JustMarkets, understand how crucial it is to give ed resources to their traders. They offer a wide range of resources that give beginners the confidence to start while keeping pro traders informed on the latest developments. These materials include webinars, case studies, digests, as well as daily, market, and bank analytics.

Fourth, examine fees, spreads, and commissions

Costs can eat into your gains. Brokers with low spreads and transparent fee structures are preferable. Always watch out for inactivity, withdrawal, or hidden charges, as these can affect profitability.

Last but not least, ensure local accessibility

Trading becomes much simpler when you can deposit, trade, and withdraw using your local currency. Platforms like JustMarkets, for instance, offer naira-based accounts for their clients from Nigeria, which is a great help in a country where foreign exchange issues can complicate things. The same goes with every broker’s trader and partner, with an aim to remain trader-centric and comfortable for all.

Bottom line

Forex trading in Nigeria offers opportunities, but only if approached with legal compliance, caution, and the right broker by your side. Ensuring your broker is reliable, understanding specifics, and checking every important detail before starting will position you for safer trading. This is what really matters when you’re already active in the market, but even more when you’ve just begun.

Distributed by African Media Agency (AMA) on behalf of JustMarkets

About JustMarkets:

JustMarkets is a globally recognized multi-asset broker providing reliable and transparent trading services since 2012. The company has earned over 60 industry awards, highlighting its excellence in the financial sector. JustMarkets offers a diverse array of trading instruments, including forex, stocks, commodities, indices, metals, energies, and cryptocurrencies, serving clients in over 160 countries.

The company is renowned for its competitive pricing, featuring low spreads and zero commissions. JustMarkets caters to both new and experienced traders by providing a wide range of services designed to enhance their trading experience.

Media Contact:

Samuel Apkan

samuel.akpan@justmarkets.com

The post Choosing a broker? Here are the 5 signs of a reliable platform appeared first on African Media Agency.

Business, Regional

Nigeria: Court halts deadline to swap banknotes amid chaotic scenes

Maravi Post Reporter

Nigeria’s Supreme Court has halted the government’s plan to enforce a Friday deadline for citizens to swap old banknotes for new ones.

The government had expected Nigerians to turn in old 1,000, 500 and 200 naira banknotes in exchange for newly designed notes by Friday.

The central bank wanted the initiative to curb cash in circulation and control double-digit inflation.

But the International Monetary Fund has already flagged disruptions to trade and payments as chaotic scenes greet several banks and ATM centers.

The chaos is also creating concerns ahead of the country’s general elections on February 25 as campaigns are funded by mostly hard to trace cash.

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Supreme Court Judge John Inyang Okoro said the decision to suspend the deadline was unanimous, pending a legal challenge from three states who had argued that the note swap plan was causing hardship ahead of the elections.

The court though would hear the states’ challenge on Feb. 15.

About 1.3 trillion naira ($2.8 billion) in old notes had been deposited into the bank since the announcement in October last year, according to the bank.

The deadline to exchange the money was supposed to have been ending of last month, but it was extended by 10 days to give more people in rural areas time to get the new notes, the central bank’s governor had said.

Nigeria’s President to deal with cash crunch ahead of exchange deadline

Source: Africafeeds.com

Source: Africa Feeds

Business, Regional

Nigeria releases new bank notes into circulation

Maravi Post Reporter
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Nigeria has released its new currency into circulation in the first such redesign in 20 years.

It is expected to address insecurity, tackle counterfeiting and force excess cash back into the banking system, the government said.

Nigeria’s central bank had said more than 80% of the money in circulation was being hoarded by individuals.

It has urged people to take their old naira notes to commercial banks for replacement.

A 31 January deadline has been set by which Nigerians have to trade-in the old banknotes.

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The release of the new notes comes barely three weeks before another change comes into effect – the limiting of cash withdrawals from banks to $225 a week for individuals and $1,200 for corporate bodies.

Officials of commercial banks have told local media that they had received the new notes from the Central Bank of Nigeria to be released to their customers effective Thursday.

Nigeria will hold general elections in February next year with the latest policy likely to hit politicians who might be planning to use cash to bribe voters, analysts have said.

Man drowns trying to rescue $20 note in river

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Source: Africafeeds.com

Source: Africa Feeds

Business, Regional

Nigeria targets diaspora remittances with ‘naira for dollar’ scheme

Maravi Post Reporter
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Banks in Nigeria are encouraging their clients to accept remittances in dollar from relations abroad for a reward.

The scheme which was introduced by the Central Bank of Nigeria seeks to offer a reward of five naira for every $1 sent by Nigerians living abroad through international money transfer operators in the country.

The scheme is to be called “naira for dollar” and an attempt to shore up the country’s revenue streams.

Diaspora remittances to Nigeria totalled $25bn in 2019 but dipped to just over $5.3bn in 2020, according to data from the Central Bank of Nigeria.

With Covid-19 yet to be subdued there are concerns revenue from remittances will dip this year.

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The Nigerian authorities are hoping the new scheme will help those in the diaspora send money home.

In 2018 when Nigeria recorded $23.5bn in remittances, it was 83% of that year’s budget, 6.1% of the GDP.

That volume of remittances was 11 times higher than the foreign investment flows in the same period, according to management consultancy firm PricewaterhouseCoopers.

The central bank hopes to rake in at least $2bn monthly in diaspora remittances in 2021 with this new scheme.

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Local banks are already running promotions asking citizens to receive more dollars from relations abroad through their money transfer platforms.

Nigerian banks closing accounts dealing with cryptocurrency

Source: Africafeeds.com

Source

Health, Law and order

Nigerian admits running illegal blood bank

Maravi Post Reporter

A Nigerian has confessed to running an illegal blood bank – paying donors small sums before selling their blood on at profit.

According to BBC report, Achegbulu Paul, 45, was running the operation out of his one-room apartment in Lagos.

According to a police press release, he offered people 2,000 naira per pint ($5.50; £4), which he then sold for 7,000 naira.

The racket was discovered, the release explained, after a 17-year-old was admitted to hospital, having donated four pints of blood in the space of just six days.

The press release said his mother realised something was wrong when he was spotted riding his bicycle “looking like a corpse”.

After he was arrested, Mr Paul, a trained lab technician, told police he had been running the scheme for five years.

However, he said he thought the teenager was 20.

Police say they have started a wider investigation, amid fears that the blood, which was not screened before being sent to a local hospital, could have been carrying infections.