Nigeria, the most populous black nation, endowed with natural and human resources, leads the sub-region again as it plays host to the conglomeration of multibillion-dollar international firms this week. Forex trading is a business that generates a staggering unequalled and unmatched turnover of over $4tn daily!
Of recent, unknown to many, I can confirm that Nigeria is fast becoming a hotbed for highly liquid foreign brokerage firms as an emerging market. Lagos, the commercial nerve centre and the host city, will be agog in this week with the arrival of multibillion-dollar brokerage firms, investors, traders, analysts etc. The aftermath will be unprecedented.
Now the spiralling effect on the economy will be multi-dimensional. Local banks will reposition to tap into accounts from foreign brokerage firms, investment firms will partner, traders will benefit from new market developments, the public will be more enlightened, voices and faces will be put together. Diversification by traditional BDC’s, Stock broking firms, money changers will soon occur. Many frontiers will soon be opened.
The two-day event is conceptualised and fully packaged by a Nigerian. This brings out the ingenuity which is inherent in us. I have praise for the organiser(s). The employment opportunities in the world of online business, which the government and private sector have not really looked into or focus despite the huge amount of benefits these can bring will offer a new lifeline to our socio-economic activities.
We are presently living in the world of Information Technology and we need to live on it as well to bridge the gap. The world of online trading has benefits for all namely telecommunication firms in terms of Internet access and usage, financial institutions in terms of FCY deposits, commissions and charges on transfers. Our teeming populace, youths, unemployed, retired will soon embrace new profitable careers. If the opportunities are well harnessed, I can foresee, in the next five years, bright Nigerians trading for big-time hedge funds and investment banks, becoming market analysts, trainers, partners etc.
The event puts Nigeria in the eyes of the world. I am optimistic more of the multibillion-dollar firms will soon have their presence and investments in Nigeria. The first of its kind held in Nigeria did produce positive results. Thus, our government agencies or regulatory bodies need to harness the potential this sector will offer. This is an area to bring in investors in a regulated environment, providing the enabling law for a window of opportunities for Nigerians.
Do you desire partnership with foreign brokerage firms and local firms looking for enterprising Nigerians? Do you possess trading skills? How about marketing skills? A lot of job opportunities await Nigerians in these categories.
The event will definitely bring together financial experts, big wigs and other related professionals. As we await these august visitors next week, I wish the organiser and at large Nigeria our great country a hitch-free conference. Visit http://www.lagosforexexpo.com to register and attend this great event. Nigeria indeed is riding on high shoulders.
It is also an avenue to pick up a career by our teeming youths to reducing our unemployment rate now that access to Internet is getting increasingly commonplace daily. Mobile trading with android phones, BlackBerry and tablets has reduced the once initial cost of trading devices and equipment. Competitive cost of data bundles also gives a wide range of choices for trader.
Market tips for the week Monday 9th – Friday 15th August 2015
Entry (SEP) and exit (TP/SL) could also be at trader’s discretion. Money management strictly advised.
SEP – SUGGESTED ENTRY PRICE. TP- TAKE PRO FIT. SL- STOP LOSS
Entry could be at trader’ discretion. Money management strictly advised.
AUDUSD: BUY SEP 0.7340-0.7353. TP: 0.7515. SL: 0.7234
EURUSD: BUY SEP 1.0940 – 1.0953. TP: 1.1130 SL: 1.0870
NZDUSD: BUY SEP 0.6554 -0.6568. TP: 0.6738. SL: 0.6480.
EURJPY: BUY SEP 135.54 -135.94 . TP: 137.10 . SL: 134.00
AUDCAD: BUY SEP 0.9650 – 0.9688. TP: 0.9870 . SL: 0.9573.
EURAUD: SELL SEP 1.4830 – 1.4870 . TP: 1.4661 SL: 1.4972.