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Forex Brokers with offices in Nigeria

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1 year ago

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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.

 

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PH Refinery Fully Operational – NNPC

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March 21, 2025

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has said the Port Harcourt Refining Company (PHRC) remains operational and continues to produce on-spec refined petroleum products.
Chief Corporate Communications Officer of NNPC Ltd., Olufemi Soneye,  disclosed this in a statement on Wednesday.
Je said: “The Nigerian National Petroleum Company Limited (NNPC Ltd.) wishes to clarify that despite a minor incident at a section of the Port Harcourt Refining Company (PHRC) earlier today, the plant remains operational and continues to produce on-spec refined petroleum products.
“NNPC Ltd assures the public that there is no cause for concern, as all sections of the recently rehabilitated plant are in full operation.”
The company had earlier dismissed reports of an explosion at the Port Harcourt Refining Company in Rivers State. The state-oil company described the report as ‘false’, noting that what occurred at the refinery was a flare incident, which has been contained fully.
Last November, NNPC Ltd. said the Port Harcourt refinery had commenced production after a long period of rehabilitation.
It said the refinery began truck loading of petroleum products on Tuesday, November 26, 2024.
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Revenue Mgt: NEITI Wants Improved Fiscal Discipline, Transparency  … As FAAC Disbursement Hits Record N15.26trn

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5 days ago

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March 21, 2025

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for improved fiscal discipline and enhanced transparency in revenue management at all levels of government.
The call is part of recommendations by NEITI in its Federation Accounts Allocation Committee (FAAC) Quarterly Review, which stated that the FAAC disbursed a record N15.26 trillion to the federal, state, and local governments in 2024, reflecting a 43 per cent increase from the previous year.
The FAAC report said  FAAC the surge underscores the impact of key fiscal reforms, including fuel subsidy removal and exchange rate adjustments, which significantly boosted oil revenue remittances.
The report, Presented by the Executive Secretary of NEITI, Ogbonnaya Orji, the report attributed the increased disbursements to these policy changes, which reshaped the country’s revenue landscape.
According to a statement by the Acting Director, Communication and Stakeholders Management, Obiageli Onuorah, it assessed the fiscal sustainability of government borrowing and the implications for oil-producing states benefiting from the 13 per cent derivation fund.
A breakdown of the N15.26trillion distributed among the three tiers of government shows that the Federal Government received N4.95 trillion, while state governments collectively received N5.81 trillion, and Local government allocations amounted to N3.77 trillion.
State governments recorded the highest percentage increase, with allocations rising 62 per cent from N3.58 trillion in 2023.
Local government allocations increased by 47 per cent, while the federal government’s share rose by 24 per cent, up from N3.99 trillion in the previous year.
The fourth quarter of 2024 saw the highest quarterly disbursement on record, reaching N4.214 trillion, reflecting the impact of sustained revenue growth and fiscal policy reforms.
FAAC attributed key drivers of the record disbursements to major fiscal reforms implemented by the Federal Government.
It said another factor is the removal of fuel subsidies in mid-2023 eliminated deductions that previously reduced distributable oil revenue, leading to increased remittances to the federation account.
It said exchange rate liberalisation also played a crucial role, as the depreciation of the naira boosted naira-denominated mineral revenues by over 400 per cent.
FAAC further said higher global crude oil prices and improved domestic production contributed to increased earnings from the petroleum sector.
Despite these gains, however, the report warned of inflationary pressures, rising debt servicing costs, and fiscal uncertainty for states heavily reliant on oil earnings.
NEITI emphasised the need for proactive measures to stabilise the exchange rate, curb inflation, and strengthen non-oil revenue sources to ensure long-term economic stability.
State-by-State analysis of the disbursement shows that Lagos State received the highest FAAC allocation in 2024, totalling N531.1 billion, followed by Delta with N450.4 billion and Rivers with N349.9 billion.
Akwa Ibom and Bayelsa States also ranked among the top recipients, with N329.2 billion and N270.4 billion, respectively.
Nasarawa received the lowest allocation of N108.3 billion, followed by Ebonyi with N110 billion and Ekiti with N111.9 billion.
Six states — Lagos, Rivers, Bayelsa, Akwa Ibom, Delta, and Kano — each received over N200 billion, collectively, accounting for 33 per cent of total state allocations.
In contrast, the six lowest-receiving states accounted for only 11.5 per cent.
The report highlighted the widening fiscal disparity between states, noting that Lagos, Delta, Rivers, and Akwa Ibom collectively received N1.49 trillion, a sum more than three times the total allocation of the bottom four states — Kwara, Ekiti, Ebonyi, and Nasarawa — which stood at N442.4 billion.
In terms of debt deductions and fiscal sustainability, debt servicing deductions from state allocations amounted to N800 billion, representing 12.3 per cent of total state disbursements.
Lagos State recorded the highest debt deductions, with N164.7 billion, accounting for over 20 per cent of total deductions.
Kaduna State followed with N51.2 billion, while Rivers and Bauchi also saw significant deductions of N38.6 billion and N37.2 billion, respectively.
The report raised concerns over the debt-to-revenue ratios of many states, particularly those with high debt burdens but lower revenue allocations.
NEITI urged governments to adopt conservative revenue projections to prevent budget shortfalls and improve fiscal management to ensure debt sustainability.
In making other recommendations, NEITI urged authorities to increase savings in the Excess Crude Account (ECA) to mitigate future revenue shocks and to strengthen non-oil revenue generation to reduce dependence on FAAC allocations.
The report also recommended measures to stabilise the exchange rate, curb inflation, and ensure conservative budgeting for crude oil production and pricing.
It further stressed the need for governments to prioritise job creation, poverty reduction, and economic stability while maintaining fiscal transparency in line with Open Government Partnership (OGP) and Extractive Industries Transparency Initiative (EITI) commitments.
NEITI reiterated the importance of leveraging its findings to hold all levels of government accountable for the prudent management of public funds, particularly revenues generated from the extractive industries.
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Trans Niger Pipeline In Rivers Resumes After Fire Incident 

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5 days ago

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March 21, 2025

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The Trans Niger Pipeline in Bodo Community, Gokana Local Government Area of Rivers State belonging to Renaissance Africa Energy Holdings has resumed operations after a fire incident on Monday.
A company source, which spoke to The Tide’s source on condition of anonymity, said the pipeline was tested and it passed the integrity, saying there was no blast on the facility.
According to the source, “The pipeline is back in operation. First of all, we had no blasts or explosions in our facilities. We had an unauthorised entry from the operations. Then we sent a team there. The team saw that the site had been accessed.
“We got a call, and a team went out and saw that there were attempts at excavation and arson. But of course, the fire had burnt out. They did an inspection, and there was an adjacent pipeline.
“They tested that and it passed the integrity test. I think the operations went through that adjacent pipeline. Operations are ongoing as we speak”.
The TNP transports 450,000 barrels of crude oil per day to the Bonny Export Terminal, using a pipeline network.
Renaissance Africa Energy Holdings just completed the landmark transaction between itself and Shell to acquire the entire equity holding in the Shell Petroleum Development Company of Nigeria.
Reports of an explosion on the pipeline were one of the reasons President Bola Tinubu declared a state of emergency in Rivers State.
Confirming the incident on Tuesday, the Rivers State Police Public Relations Officer, Grace Iringe-Koko, said the fire was noticed on Monday night during a security patrol.
According to her, Renaissance was immediately altered and the company shut down the affected pipeline and activated safety measures.
While saying there was no further threat to residents or the environment, the PPRO revealed that two individuals have been arrested for questioning as part of an ongoing investigation into the cause of the incident.
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