Nume Ekeghe
Infinox Capital, which is a globally recognised FX and Contracts for Differences (CFD) broker has stated that since setting its footprint in Nigeria three years ago, they have recorded $10 million in transactions.
Speaking at a media parley in Lagos, the Country Manager Infinox Capital, Mr. Oluwaseun Oyeleke said: “Nigerian market is still a baby in the Forex industry, this is an industry that we have close to $7 trillion every day. So as much as we hear about forex a lot in Nigeria, we are still very tiny in the Forex markets because a lot of Nigerians don’t really understand how this whole thing works, so we are here to provide education to educate people on how these are done properly.
“In deposits, as of 2019, we were around $1 million in transactions, and as we speak, we are relatively between $8 million to $10 million in transactions,” he said.
He noted that his firm trade CFDs on forex, indices, cryptocurrencies, equities, commodities, and futures and is regulated by the Securities Commission of Bahamas (SCB), Financial Sector Conduct Authority (FSCA), and Financial Services Commission (FSC) which is a global authority and stamp of approval to ensure they guarantee customers funds.
On the Nigerian market, Oyeleke added: “ CFD trading in Nigeria has seen triple-digit growth in the last 5 years. Nigeria is the fastest-growing CFD or forex nation in Africa. The number of Nigerian Forex traders is estimated to be at 800,000 to 1,000,000. With approximately 25 percent of these active traders, with trade volumes estimated between 10 to 20 billion per month.”
On his part, the Marketing Manager Infinox Capital, Mr Petrus Okegbu noted that the firm in its bid to ensure minimal losses of their clients’ constantly does training and sends daily and weekly insights and trends on tradable assets.
