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

PENGASSAN Tasks Multinationals On Workers’ Salary Increase

Published

1 week ago

December 8, 2025

The Tide

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.

Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.

The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.

PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.

He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.

“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.

Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.

“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.

“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.

“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.

“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.

Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.

“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.

“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.

“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

1 week ago

December 8, 2025

The Tide

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.

The Commission disclosed this in a statement posted on its website.

According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.

The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.

According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.

“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.

The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.

Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.

“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.

The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.

It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products

Published

1 week ago

December 8, 2025

The Tide

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.

The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.

NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu