Nigeria’s inflation rate surged to 20.77% in September 2022, up from 20.52% recorded in the previous month.

Forex trading has become increasingly popular as a profession in Nigeria, especially among those with a financial background, because of its high liquidity, 24/7 availability, and low entry barrier.

Both recent college grads and seasoned professionals can benefit from the independence and flexibility offered by a job in FX trading. However, there are drawbacks to trading forex, including the significant risk and volatility involved.

In this article, we explore both the pros and cons of Forex trading for Nigerian traders.

Nigerian banks’ operating environments could deteriorate in 2022–2023 as adverse global economic conditions feed through to the local economy, Fitch Ratings says in a new report. Soaring inflation led the Central Bank of Nigeria (CBN) to raise its benchmark rate by 150bp on 24 May, and the pressures on banks’ profitability and asset quality will be higher than we had initially expected for 2022. However, the sharp rise in oil prices this year will mitigate the economic impact from the global risks, and we do not expect Nigeria’s banking sector to experience a material shock.

Nigeria's apex bank on Tuesday raised the Monetary Policy Rate, the benchmark interest rate, to 13 percent -- the first hike in more than two years.