Online Forex Regulations in Nigeria

The online forex business is relatively new in Nigeria and isn't highly regulated as like other countries where it's a major profession.

The CBN allows people to participate freely in forex activities as long as they do so formally and proper documentaion is kept and declared by banks where necessary.

Online forex or Spot Fx deals are not really as regulated that much in Nigeria and the laws allow for reknown forex firms who are registered in Nigeria to engage in the business and also deal with investors from Nigeria.

Inasmuch as the regulations are not as stiff, customer protection is not really as much as expected also and this makes it risky and unpredicatable too for those who may want to engage in it for the long term. Perhaps in the future when the trade becomes a vital point of our economy, laws may be made to regulate and protect the industry.