Business

Forex Brokers with offices in Nigeria

Published

2 years ago

February 17, 2024

Nigeria has established itself as one of the powerhouses of forex trading in Africa. Together with Kenya and South Africa, Nigeria hosts some of the most hardcore forex traders in the continent. As the popularity of forex trading continues to grow, it attracts forex brokers who want to take advantage of this growing sector. Some brokers have even gone as far as setting up offices in Nigeria. In this short review, we are going to look at some forex brokers with offices in Nigeria. Let’s jump in.

FXTM

FXTM is one of the most prominent brokers with an office in Nigeria. This broker’s office in Nigeria is located on the 3rd Floor, 5, Allen Avenue, Ikeja, Lagos, Nigeria. This allows the broker to better fine-tune the services it offers to Nigerian traders. This is because its staff has exposure to the country and can interact one-on-one with traders to find out what they are looking for in a broker.

While not regulated in Nigeria, this broker is well-regulated by organizations around the world. It operates under the supervision of the FSCA in South Africa, the FCA in the UK, and the CySEC in Cyprus. Notably, this broker gives its traders access to a plethora of market products. These include forex, commodities, metals, indices, forex indices, stocks, stock baskets, and stock CFDs. This means that traders can trade more than just forex on the same FXTM account. Further, the spreads for trading on this broker site are relatively low starting from as low as 1.5 pips on the Micro and the Advantage Plus accounts.

Is There Any Other Broker?

Unfortunately, we couldn’t find any other broker with a physical office in Nigeria. While there may be others, we cannot say with full confidence that they have reputable regulations and services. Nonetheless, there are other brokers with a strong presence in Nigeria even if they do not have physical offices in the country. Let’s briefly look at some of such brokers.

XM

XM is heavily involved in forex-related activities in Nigeria. This broker even hosts classes for Nigerian traders and has been involved in forex expos in Nigeria. By participating in such events, XM gains by attracting new clients to its broker site. On the other hand, traders gain by learning forex trading concepts and strategies from experienced traders who have been in the space for a long time.

Notably, XM is also not regulated in Nigeria. But that is no fault of its own. The country barely has any broker under the regulation of the two organisations in charge of regulations. Nonetheless, XM has regulations from other organizations around the world. These include the FSC in Belize and the ASIC in Australia, among others. The broker allows traders to trade a variety of market products that range from CFDs on forex, cryptocurrencies, indices, shares, stocks, energies, and precious metals. The trading platforms available for traders to pick include MetaTrader 4, MetaTrader 5, and the XM Trading App.

FP Markets

FP Markets is another broker with a strong presence in Nigeria, despite not having a physical office in the country. The company participates in forex workshops and other forex events in various parts of the country. Just to name a few, FP Markets has participated in events based in Lagos, Calabar, Abuja, Port Harcourt, Enugu, and Ibadan. It has a strong customer base in these areas.

While not regulated in Nigeria, this broker has strong regulations in other jurisdictions. The broker is under the regulation of the FSCA in South Africa and the ASIC in Australia, among others. This regulatory status is one of the reasons why FP Markets is popular among Nigerian traders. Additionally, this broker offers a deep collection of market products totalling over 10,000 different market instruments. These include forex currency pairs alongside CFDs on indices, commodities, bonds, cryptocurrencies, shares, metals, and ETFs. The spreads are fairly low starting from 1.0 pips on the standard account. They are even lower on the raw account starting from 0.0 pips plus a commission of $3 per side per lot.

The Bottom Line

There may be many brokers that have physical offices in Nigeria. However, their credibility might be wanting at best. FXTM stands out as one of the most reputable brokers with an office in the country. It stands out because it has regulations from reputable organizations and offers quality services. Nonetheless, there are other brokers with a strong presence in Nigeria, even though they don’t have a physical office in the country.

Brokers like XM and FP Markets constantly participate in events to educate the general public in Nigeria on the ins and outs of forex trading. But they are not the only ones. There are other brokers like XTB and Exness that remain committed to engaging with Nigerian traders to establish a long-lasting relationship. Ultimately, every trader must choose the broker that best suits them. Considering the presence of the broker in a country is very important. But prioritizing a broker’s credibility and quality of service will do a trader much more.

Business

33 Banks Raise N4.65tn As Recapitalisation Ends

Published

13 hours ago

April 2, 2026

The Tide

The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.

The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.

The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.

The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”

The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.

Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.

The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.

It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.

The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.

To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.

It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.

The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.

Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.

The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.

However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.

The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.

Business

SMEs Dev: Firms Launch N100m Loan Scheme

Published

4 days ago

March 30, 2026

The Tide

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

Business

Yenagoa’s Radisson Hotel Ready December — NCDMB, Other

Published

4 days ago

March 30, 2026

The Tide

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .

He said this while addressing visiting top executives of Edison Corporation and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.

The Board in a statement from the Directorate of Corporate Communications said all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.

Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.

“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.

“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.

He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery

“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”

The Board’s Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.

In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.

“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.

“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.

Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.

The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.

“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality. We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the boss noted.

Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.

By: Ariwera Ibibo-Howells, Yenagoa