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Forex Trading In Nigeria: All You Need To Know
Forex trading otherwise known as foreign exchange trading, Forex, FX, or currency market, has been in existence in Nigeria for a long time now.
It was liberalized in 1995 with the creation of an Autonomous Foreign Exchange Market (AFEM) for the sale of foreign exchange to end-users by the CBN through selected authorized dealers at a market-determined exchange rate.
According to the Central Bank of Nigeria (CBN), the evolution state of forex trading in Nigeria has been influenced by several factors, including the dynamic changes in global trade patterns, institutional transformations within the Nigerian economy, and structural shifts in production.
What is Forex Trading?
Forex trading is an extensive and widely decentralized marketplace that enables the buying, selling, and exchanging of currencies on a global level.
The system operates without a central exchange, relying instead on a vast network of financial institutions, brokers, and dealers, to execute trades on behalf of investors.
The ecosystem of forex trading relies on various currencies’ exchange rates to operate. The determination of these rates is influenced by a multitude of intricate economic, political, and societal factors that has a significant impact on currency values.
To generate profit, forex traders actively participate in this market by buying and selling currencies at either prevailing or predetermined prices, to capitalize on fluctuations in exchange rates that occur over time.
Without a doubt, the foreign exchange (forex) market is the largest financial market globally. It has a daily trading volume of over $6 trillion, dwarfing all other financial markets, including the credit market. Its sheer size and liquidity make it an enticing platform for traders seeking to capitalize on global economic trends and market shifts.
Do you want to find out how to successfully start forex trading in Nigeria and make profitable trades? You can 👉visit this page to get a comprehensive guide. The page also contains other important things you need to know about forex trading, including the best forex brokers in Nigeria and the best forex trading sessions in Nigeria.
Having known about forex trading, let’s move straight to the topic of discussion!
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Top 10 Richest Forex Traders in Nigeria
Do you want to know who are the richest forex traders in Nigeria?
Allow me to inform you that Nigeria has a significant number of accomplished forex traders. The country is blessed with numerous investors who have succeeded in this field.
Below are the top Nigerian forex traders who have made millions of Naira in the industry:
|1||Uche Paragon||$20 million|
|2||Dapo Willis||$10 Million|
|3||Ejimi Adegbeye||$5 Million|
|4||Damilare Ogundare||$5 Million|
|5||Jeffrey Benson||$1.5 Million|
|7||Benjamin Ilesani Ajimoko||$400,000|
|9||Bade Ajidahun Afioluwa||$220,000|
Top 10 Richest Forex Traders in Nigeria
1. Uche Paragon $20 – million
Uche Paragon is the most prosperous forex trader in Nigeria with an estimated net worth of $20 million. He is an entrepreneur, a forex & commodities trader, a portfolio and risk manager, and a tech influencer.
Uche Paragon was born in 1992 in Lagos, Nigeria. He started his career in forex trading in 2007 through a rudimentary online search, and as a result of his dedication and astute decision-making, he has successfully accumulated a significant amount of wealth over the years.
He is the proprietor of two prestigious institutions specializing in foreign exchange trading within the Nigerian territory. One campus is located in Lagos and the other is in Port Harcourt. He also has a trading business recognized as CCI Traders.
Academically, he went to his primary and secondary in Nigeria, where he had his First School Leaving Certificate (FSLC) and West African Senior School Leaving Certificate. Furthermore, he obtained his advanced education from the prestigious University of Port Harcourt (UNIPORT).
Currently, Uche Paragon is the most affluent forex trader in Nigeria.
2. Dapo Willis – $10 Million
The second on the list of the top 10 richest forex traders in Nigeria is Dapo Willis with an estimated net worth of $10 million.
Dapo Willis is a highly accomplished Finance Coach, Keynote Speaker, and Technical Analyst. He is renowned for his exceptional ability to transform struggling traders and beginners interested in trading the forex market into successful multimillionaire traders.
He has an unwavering commitment to profitable trading, and this has earned him the admiration and trust of numerous high-profile investors who seek his expertise in leveraging his trading skills to manage their funds.
Notably, his exceptional trading skills caught the attention of African billionaire Aliko Dangote, who became one of his earliest investors. His success has led to his recognition by many wealthy investors, who are drawn to his profitable trading style.
Dabo Willis has been in forex trading for over 11 years, and he is currently one of the top earnings in the industry. He became a self-made millionaire at the age of 28.
3. Ejimi Olufukeji Adegbeye – $5 Million
Ejimi Olufukeji Adebgeye is a chartered wealth manager, ex-bank trader, forex coach, and pastor, who focuses on teaching people how to earn faster and invest smarter, to help them achieve financial success and personal fulfillment.
He offers practical life lessons teaching people the words of God. He believes that God wants us to live a fulfilling life here on earth while advancing the frontiers of His Kingdom.
Ejimi is also one of the professional forex traders known for offering professional forex trading lessons. His dedication to helping others succeed in forex trading is unmatched, and his lessons are always practical and effective.
He started his journey as a forex trader during his youthful age and so far, he has attained remarkable accomplishments as one of the most prosperous traders in Nigeria.
His excellence in the field was honored with the prestigious African Trader of the Year award in 2012. He was also recognized as one of Africa’s 50 Most Influential People in 2016.
Currently, Ejimi Olufukeji Adegbeye is having an estimated net worth of $5 Million, making him the 3rd richest forex trader in Nigeria.
4. Damilare Ogundare (HabbyFx) – $5 Million
Damilare Ogundare, born on 18, 2001, in Osun, Nigeria, is one of the top earners and popular names in Forex trading in Nigeria.
He started his journey in forex trading at a tender age and made his first ₦1 million at the age of 18, making him the youngest and richest forex trader in Nigeria.
Damilare Ogundare, widely recognized by his professional moniker HabbyFX, is the esteemed founder and CEO of Habby Forex Trading Academy – a prominent online education hub with 3 Physical Locations in Lagos State.
His hardworking and dedication made him an Economic Community of West African States (ECOWAS) youth ambassador, and he is in partnership with many Forex brokers including Infinox, and ICM, among others.
Currently, Damilare Ogundare estimated net worth is $5 Million.
5. Jeffrey Benson – $1.5 Million
Jeffrey Benson is another Nigerian who massively gain financial freedom trading forex.
Born in 1997, in Edo State, Nigeria, he started his career in forex trading in 2017 and since then made a lot of millions.
Educationally, Jeffrey Benson obtained his primary and secondary school in Nigeria. He also had his first degree in law at Delta State University.
Due to his unwavering commitment and diligent work ethic, he has achieved numerous noteworthy accomplishments. He is also the founder of Firepips Company Limited, a popular forex academy dedicated to assisting novice and proficient forex traders in enhancing their trading skills and making more informed trades.
Currently, Jeffrey Nenson estimated net worth is $1.5 million, making him among the richest forex traders in Nigeria.
6. Patrick Ogagbor – $600,000
Patrick Ogagbor is one of the top forex traders in Nigeria who inspired a lot of people with their life-changing stories.
He started his trading career in 2003 when he was a banker at Zenith Bank. His first initial investment was $200, and in 2007, Patrick was able to grow up his capital to $5,000 while still trading part-time.
After accumulating a lot of success in trading, he resigned from his banking job to embark on a career as a full-time professional foreign exchange (FX) trader.
Without a doubt, Patrick Ogagbor is one of the richest forex traders in Nigeria. His estimated net worth is $600,000.
7. Benjamin Ilesani Ajimoko – $400,000
Benjamin Ilesani Ajimoko can not be left out of the high-profile and most successful forex traders in Nigeria.
He is widely recognized for his exceptional capacity to assist novice traders in achieving success in the forex market. Additionally, he is highly regarded for his proficiency in communicating crucial insights and knowledge with his colleagues.
According to him, one of the most critical factors for excelling as a forex trader is the ability to overcome emotions.
Currently, Benjamin Ilesani Ajimoko estimated net worth is $400,000, making him one of the richest forex traders in Nigeria.
8. Chinedu Onuoha – $280,000
Chinedu Onuoha is a well-renowned forex trader with a trading experience of over 12 years. His expertise in forex trading is widely respected and sought after by traders all over the country.
Without a doubt, Chinedu’s methodical and patient approach to trading has helped him achieve consistent profits and success over the years. He is a skilled analyst who can identify market trends and make informed decisions based on his extensive knowledge of the forex market.
In addition to that, he is a great teacher and mentor to aspiring traders, generously sharing his knowledge and experience to help them improve their trading skills.
Currently, Chinedu Onuoha estimated net worth is $280,000.
9. Bade Ajidahun Afioluwa – $220,000
Another trader on the list of the top 10 richest forex traders in Nigeria is Bade Ajidahun Afioluwa.
Ajidahun started his career in forex trading for a long period now. His beginning in the industry was rough as he endured multiple losses and setbacks. However, his unwavering determination and firm belief in his ultimate triumph keep him going.
He studied and applied several trading strategies and finally found the one that perfectly works for him. Today, Ajidahun has made his breakthrough and is recognized as one of the top earners in forex trading, in Nigeria.
Currently, Bade Ajidahun Afioluwa estimated net worth is $220,000.
10. Blessing Ezeako – $200,000
The last person on this list is Blessing Ezeako.
Without a doubt, Blessing Ezeako is well recognized as high profile personnel in forex trading and of course the richest female forex trader in Nigeria.
She started as a part-time Forex trader and later turned it into a full-time business after achieving a lot of success in the industry.
Blessing Ezeako has exceptional skills in market analysis, risk management, and strategic decision-making. She has earned a reputation as a knowledgeable and savvy trader by staying on top of market trends and anticipating changes.
Her peers and colleagues highly regard her for her professionalism, integrity, and commitment to excellence.
Currently, Blessing Ezeako estimated net worth is $200,000, making her among the top 10 richest forex traders in Nigeria.
Richest Forex Traders in Nigeria: FAQs
Who is the Best Forex Trader in Nigeria?
Determining the best forex trader in Nigeria is difficult since the country boasts numerous successful forex traders. However, some of the big names in the Nigerian forex trading industry are Uche Paragon, Dapo Willis, Ejimi Adegbeye, and Damilare Ogundare, among others.
Who is the Richest Forex Trader in Nigeria?
Uche Paragon, who has an estimated net worth of $20 million, is the richest forex trader in Nigeria, followed by Dapo Willis, who has a net worth of $10 million.
Who is the Richest and Youngest Forex Trader?
The richest and youngest forex trader in Nigeria is Damilare Ogundare (HabbyFx), with an estimated net worth of $5 Million.
Is Forex Trading Legal in Nigeria?
Many people keep asking whether forex trading is legal in Nigeria. My straight answer to the question is YES. The Central Bank of Nigeria (CBN) regulates and oversees the Forex market in the country.
However, It is imperative to acknowledge that adherence to specific regulations and guidelines is mandatory for traders and brokers to legally operate in Nigeria.
So far, this is the current list of the richest forex traders in Nigeria. We will keep on updating the list in other to serve you with the latest update.
If you have any opinion or want to know more about any of the above, don’t hesitate to use the comment section.
Also, if you want to know much about forex trading in Nigeria, including how to successfully start, the best forex broker, and other important information, don’t forget to check this article 👉Forex Trading In Nigeria: All You Need To Know.
Now let’s hear from you!
Who among the top 10 richest forex traders is your favorite?
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