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Online forex trading legal in nigeria
Forex broker operating from the island of Cyprus, is simply growing its global network to incredible proportions with the latest pit stop for the company being one of Nigeria's biggest cities: Lagos. You must declare earnings when you do your taxes just like with any other form of income. If the strategy you have in place is not working then regroup and come up with another one. Is Forex trading legal in Nigeria?
However, every Nigerian is expected to file an annual Personal Income Tax Return.
Online forex trading profits are treated as Capital Gains Tax chargeable at the rate.
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The best times to trade forex is during periods of high volatility because it is these larger movements in the market that allow for the profitability of building and selling currency at different prices. . Central Bank of Nigeria. There is additional volatility following major news events, and also at the start of the trading sessions when the market has yet to normalize. Most brokers also allow for Neteller, PayPal, and other e-wallets to be used as well as bank wire. . Forex trading is legal in Nigeria if you have a broker that is licensed to do so and if the person simply trades for themselves. What is the lowest amount required for initial trades with a Nigerian Forex brokers? Your investments are safe, you can be compensated by a governing body, and you can turn a profit, and it does not matter if the market is going up or down. The forex market is most volatile during the European/London (08:00 04:00 PM GMT) and New York session (01:00 09:00 PM GMT). . While there are some that will allow for less it will depend on the account you have opened. Forex trading online in Nigeria has not been around long, and it is not something that is currently regulated. Forex trading includes all aspects of buying, selling and exchanging currencies in order to make a profit. . The Law and Nigerian Forex Trading.