FXTM Partners Introduces Revolutionary Forex Affiliate Program
FXTM Partners are proud to be launching a brand new Hybrid Affiliate Program that’s unlike any other in the industry. This revolutionary partnership program is ideal for bloggers, social media gurus, webmasters and SEO specialists looking to broaden their online business and enhance their earning opportunities by tapping into the forex industry. Prospective partners will gain access to […]
Why Agriculture in Nigeria Is Growing, Despite the Recession
THE National Bureau of Statistics on Wednesday released data on Nigeria’s Gross Domestic Product for the second quarter of 2016. Overall, the picture painted by the document was, to put it mildly, less than savory. The headlines were almost unified in their annunciation of a 2.06 percentage point decline in the value of the country’s […]
Forex Scarcity Means Business: Local Input Providers Profit From Higher Import Costs
THE Manufacturing Association of Nigeria (MAN) says that manufacturers in Nigeria are increasingly turning to local sources to meet their input needs. This has meant that the fallout from the shortage of foreign exchange, which caused importation costs to soar, has turned out to be a blessing in disguise. At least, domestic providers of raw […]
Manufacturers to Get 60 Percent of Bank’s Forex Purchases
In the bid to save the engines of Nigeria’s factories from grinding to a halt, the Central Bank of Nigeria has ordered commercial banks and other authorised dealers of foreign exchange in the country to set aside 60 percent of their FOREX purchases for manufacturers. The manufacturing sector has been hit particularly hard by the […]
Nigeria’s Forex Crisis and the Businessman’s Headaches
What has the naira-dollar exchange rate got to do with a bowl garri?
CBN Orders BDCs to Demand for BVN For Forex Transactions
The Central Bank of Nigeria (CBN) has directed all bureaux de change operators (BDCs) in the country to demand for customers’ bank verification number (BVN) for all forex transactions from November 1, 2015. The central bank gave this directive in a circular posted on its website on Wednesday. It stated that “All banks and licenced […]
Nigeria May Review Foreign Exchange Policy – Prof. Yemi Osinbajo
The Nigerian government has announced that it is in the process of reviewing the recent foreign exchange policy, which banned 41 items from sourcing foreign exchange from the interbank forex market. According to THISDAY, President Muhammadu Buhari, who was represented by Vice President Yemi Osinbajo, at the 43rd Annual General Meeting (AGM) of the Manufacturers’ […]
How Forex Brokers Really Make Money
Most Forex brokers aren’t your traditional financial intermediaries found on Wall Street. When operating in international currency and CFD markets, full understanding of the structure and strategic objectives of Forex brokers may mean a difference between success and utter failure for a trader. There is much more to the subject than just transparency of commission […]
CBN Revises Policy on Oversees Corporate Card Transactions
According to an official statement by Stanbic IBTC Bank, following a revised policy from the Central Bank of Nigeria (CBN) on cards issued by Nigerian Banks to corporate organizations, it will no longer be possible to carry out overseas transactions on Naira denominated corporate cards with immediate effect. Corporate entities with FOREX receivables however can […]
ForexTime Launches 200% Cashback Campaign
International forex broker Forex Time (FXTM) has announced a generous new rebate campaign that will see traders receive up to 200% cashback on their initial deposit. This new offer is available to both existing traders and new clients and it not only boosts traders’ accounts with extra funds, but it also rewards them […]
Market Instability Boosts Safe Haven Assets
The market has started the week with inherent risk aversion primarily linked to the uncertainty around the Ukraine-Crimea crisis and the concerns that the West will impose heavy sanctions on Russia. With the weekend’s referendum condemned as illegal by the US and the EU, the markets reflected their concerns regarding instability in the region with […]
Investors Turn to Safe Havens After Shock China Trade Deficit
The market opened negatively this week on the back of shocking news from China where a trade deficit of -$23 billion was announced. This was largely influenced by a huge drop in exports of -18.1% year-on-year – the biggest drop in Chinese exports since 2009 – and resulted in the yen strengthening against the US […]
Disappointing Jobs Data Puts US Recovery Under Pressure
The market is still reeling from Friday’s Non-Farm Payrolls (NFP) data announcement where only 113,000 new jobs were created in January, much less than was forecast. The low number was partially attributed to the unseasonably cold weather of the past few months; however there was good news in the form of the unemployment rate that […]
Emerging Market Turmoil Drives Volatility in the Global Currency Markets
The week has begun with a risk adverse market in the wake of last Friday’s turmoil which saw a basket of emerging market currencies engaged in a large sell-off over fears of capital outflows from emerging markets. The currencies involved in the selling frenzy included Argentina’s peso, Russia’s ruble and the Turkish lira. The situation […]
Forextime Nigeria Teaches Investors Key Skills for Forex Success
A highly successful series of free training days recently hosted by ForexTime Nigeria in Abuja and Lagos saw more than two hundred investors enhance their forex skills with key professional training to help give their investment portfolios a true boost. Each city hosted a two day workshop where investors were trained in essential forex skills. […]
Market Awaits Unemployment Data for Signs of Meaningful Recovery in the US
The USD last Friday enjoyed its strongest rally since November 2013, hitting 1.3508 in response to buoyant retail and consumer data indicating that the US economy is improving. This data has further boosted speculation that the US Federal Reserve will continue to reduce the economic stimulus, however policy makers will need to continue to monitor […]