In this article, we will be giving you answers to the most-asked question about Forex trading. Who is the richest Nigerian Forex trader? what was his experience as a forex trader? and what can learn from him or her as a beginner? To get answers to all of these questions, you should consider reading every detail this article contains.
Brief History Of Forex Trading in Nigeria
Nigeria gained access to foreign exchange (forex) trading many years ago. Forex trading involves the buying and selling of currencies on the foreign exchange market.
Nigeria, like most countries, has a central bank that oversees its foreign exchange operations and sets regulations regarding forex trading.
The Central Bank of Nigeria (CBN) is responsible for regulating and overseeing forex trading activities in the country.
The CBN controls the availability and allocation of foreign exchange, and it has implemented various policies and regulations over the years to manage the forex market
As for the first firm or individual traders in Nigeria, it is difficult to pinpoint a specific company or person as the first forex trader in the country.
Forex trading has evolved over time, and many financial institutions, banks, and individuals participate in the forex market in Nigeria.
However, it is worth mentioning that several financial institutions, such as banks and brokerage firms, facilitate forex trading activities in Nigeria.
Some prominent Nigerian banks and financial institutions involved in forex trading include First Bank of Nigeria, Zenith Bank, Access Bank, United Bank for Africa (UBA), and Fidelity Bank, among others.
What is Forex Trading?
Forex trading is a global financial market that allows one to trade currencies. In other words, it is an extensive and widely decentralized marketplace that allows traders to buy and sell in exchange for currencies on a global financial market.
What is Forex Trading Market?
The foreign exchange market is where currencies are traded. This international market’s most unique aspect is that it lacks a central marketplace. In the Forex market, instead, currency trading is made electronically over the counter. Hence, all transactions occur with the use of a computer network among traders worldwide rather than on one centralized exchange.
Who are the Most Profitable Forex Traders in Nigeria
Who are the most profitable forex traders in Nigeria aside from the big banks and companies? You can check them out below:
|Benjamin Ilesani Ajimoko
|Bade Ajidahun Afioluwa
Top 10 Count Down Nigeria Most Profitable Forex Traders (2023)
#10. Bade Ajidahun Afioluwa
The tenth-wealthiest Nigerian FX trader on the list is Bade Ajidahun Afioluwa, with a present net worth reaching approximately $220,000. Bade Adjidahun Afioluwa battled and lost a lot of money at first when he started trading forex.
He finally overcame his challenges, though, as he refined a much more effective method to eventually rule the market.
Ajidahun Afioluwa’s trading career began with several significant disappointments because he allegedly made numerous bad investments due to his careless, gambling mentality.
Despite this hard start, he has since established himself as one of the richest forex traders in Nigeria thanks to his perseverance and steady growth over a protracted period of time.
#9. Chinedu Onuoha
With an estimated net worth in the $280,000 range, renowned Nigerian FX trader Chinedu Onuoha is the ninth most wealthy person in the nation.
After trading for more than 12 years, he has developed a level of expertise and recognition that makes him a highly sought-after resource for traders nationwide.
He is a meticulous, persistent forex trader who over the course of several years has slowly accumulated profits and achieved financial success.
He is a skilled analyst who draws on a wealth of information to quickly and accurately identify market trends and make choices at the expert level.
Additionally, he has established himself as a well-respected forex investing mentor and a kind trading instructor, actively disseminating his useful financial teachings and counsel to assist aspiring traders in gaining the information and experience required to enhance their individual skill sets and achieve financial freedom.
#8. Benjamin Ilesani Ajimoko
Benjamin Ilesani Ajimoko is deservedly listed as the eighth wealthiest forex trader in Nigeria after amassing an impressive net worth of over $400,000. This is an increase from an estimated $100,000 in just about six months.
The well-known forex trader is adept at both comprehending the market and disseminating that expertise by instructing rookie traders.
He has established a reputation for himself through his astute, lucrative investments as well as by assisting other novice investors in achieving their own success. He is respected for his amazing knowledge base as well as his notable skills in imparting essential, tested insights to coworkers, beginners, and fellow traders.
His skills transcend beyond conventional advertising tactics and into the realm of psychology. He speaks out a lot about the role that mindset plays in profitable trading.
Because of his extensive sales background, Benjamin Ilesani Ajimoko distinguishes out. He works as a senior sales executive, teaches trading, and offers continuing advice to beginning investors.
He attributes his achievement to overcoming his own emotions and is obviously an expert in his field thanks to deliberate knowledge immersion.
#7. Patrick Ogagbor
Among the top 10 richest traders in Nigeria is Patrick Ogagbor, who comes in seventh with a net worth estimated at $600,000. The affluent investor has made a name for himself as a highly successful FX trader following an extremely modest initial investment.
Ogagbor is a powerful example of the truly tremendous potential that lies in the most humble beginnings. With ongoing dedication and hard work, Patrick Ogagbor has shown just how far a savvy investor can go.
He began with part-time trading while he was working as a banker for Zenith Bank. In 2007, while trading on a part-time basis, he managed to grow his capital to $5,000 from a modest starting investment of just $200.
By 2016, Ogagbor was successful enough to resign from his position at the bank and begin full-time forex trading. His story is undoubtedly among the industry’s most inspirational, as he’s now firmly established himself as among the most influential Nigerian forex traders.
His strategies for risk and finance management include consistency, constant execution, and following a customized formula. He has certainly demonstrated his deep understanding of the currency market, recently growing his net worth to $600,000 from an estimated $150,000 in a matter of months.
#6. Sandile Shezi
Sandile Shezi, who ranks sixth in terms of wealth, started trading forex in Nigeria in 2015 and has quickly risen to prominence.
Following the initial use of his student loans intended to pay for his college expenses, the trader gradually and carefully built up a net worth of about $1.3 million to begin his career as an investor.
Despite having little to no trading or economic background, Shezi was able to maximize his small beginning deposits by wisely trading equities and currencies within the OctaFX market.
As he continued to research shrewd investing methods, industry jargon, and risk management procedures, his profits gradually increased.
Today, Sandile Shezi is committed to advancing the trading industry by instructing novices on ineffective investing techniques and assisting others in beginning their journey toward achieving financial independence through forex trading.
Shezi, who has a remarkable track record of wise investment choices over many years, ranks sixth among the wealthiest Nigerian FX traders.
He is creating waves with his exciting profession by teaching others how to succeed in the currency trading business, much like many other accomplished traders.
#5. Jeffrey Benson
Fifth on the list and with a net worth of $1.5 million is Jeffrey Benson, another industrious, top-earning Nigerian FX trader. He began in 2017 and quickly attained financial independence as a multimillionaire FX trader at the age of just 20.
He was up in Edo State and attended basic and secondary schools there before earning a law degree from Delta State University.
He’s accumulated a long list of noteworthy achievements after years of commitment and perseverance. Benson, a well-known trader from Nigeria, developed a well-known forex trading school with the aim of teaching and strengthening the crucial abilities required to thrive in the currency market.
He and his educational organization are dedicated to educating and assisting new and inexperienced investors so they can develop into competent and successful FX traders.
The fifth-most wealthy FX trader in Nigeria is Jeffrey Benson. He is regarded as one of the most well-known traders in Nigeria, and as a result, he has appeared on numerous financial programs.
Following the online/YouTube publication of his successful management of many financial accounts to generate huge earnings quickly, he received extra prominence.
Benson is renowned for expanding a modest $25,000 account to an incredible $240,000 in under six months, in addition to launching his Nigerian Forex Academy.
#4. Damilare Ogundar
Damilare Ogundare, the fourth wealthiest investor, is renowned for having a strong track record of success in the huge field of FX trading. He has an estimated net worth of $5 million and is currently well-known in Nigerian forex trading.
Ogundare, who also goes by the name HabbyFX, established himself on the trading scene with a particularly early start. At the astonishingly young age of 18, he became a self-made millionaire.
He is without a doubt the youngest person among Nigeria’s richest forex dealers. Additionally, he has established a solid name as the prestigious founder of the Habby Forex Trading Academy, a renowned educational organization for which he also serves as CEO.
The institution has three locations in Lagos State and two online campuses. Damilare Ogundare has unquestionably shown a strong dedication to his profession.
He is well-known for serving as a young ambassador for the Economic Community of West African States and for collaborating with a number of the industry’s top forex brokers, including ICM and Infinox.
The young millionaire is one of Nigeria’s top forex traders. Ogundare is currently growing his collection of valued, expensive cars while pursuing his study. He gained notoriety for assisting hundreds of Nigerian teenagers in becoming successful forex traders and investors.
#3. Ejimi Adegbeye
As a wealth manager, former bank trader, and forex coach, Ejimi Olufukeji Adegbeye has developed a solid reputation.
His main goal is to provide individuals with a clear grasp of how to invest properly and make more money quickly in order to successfully reach financial freedom. His current net worth is $5 million.
Adegbeye, who is also a pastor, provides advice on how to find happiness in this life through his teachings from the Bible and from his experience.
He is renowned for providing insightful advice for forex trading and exhibiting an unmatched commitment to assisting others in achieving success.
One of the most prominent Nigerian traders is Olufukeji Adegbeye. He started out young and quickly showed his extraordinary excellence.
#2. Dapo Willis
Dapo Willis, a forex trader with a net worth of $10 million, is the second-richest Nigerian. As a skilled market analyst, motivational speaker, and financial coach, he has demonstrated his ability to both grasp the market and teach newcomers or struggling investors how to become profitable forex traders.
Willis has established a solid reputation for using lucrative trading strategies, and several high-profile investors have sought out his advice and direction because of this.
As a result, he has been given the responsibility of overseeing the vast sums of money belonging to some of Nigeria’s richest people, including billionaire Aliko Dangote.
Dabo Willis, a renowned top earner in the sector and a Nigerian forex trader became a self-made millionaire at the age of 28.
Through persistent trial and error, he built up his riches, eventually settling on an outstanding success rate to pay for a fleet of magnificent residences and high-end luxury vehicles.
Willis started forex trading in Nigeria; he later moved to the UK for further study and now resides in Dubai. Along with his notoriety, he has also amassed a number of sponsorship contracts. He professionally manages the funds of several well-known investors using his highly sought-after, profitable strategies.
#1. Uche Paragon
Uche Paragon, who has an astounding net worth of over $20 million, is by far the richest FX trader in Nigeria right now. As a tech influencer, risk and portfolio manager, commodities and currency trader, and entrepreneur, he has a considerable impact.
A successful businessman from Lagos, Nigeria, is named Paragon. He is a great illustration of a young, intelligent investor who progressively amassed a substantial fortune by making wise trading choices.
He completed his studies at home, where he also earned his West African Senior School Leaving Certificate and First School Leaving Certificate. Then, in Port Harcourt, he continued his education at a renowned Nigerian university.
Uche Paragon currently manages a successful trading company named CCI Traders and owns two well-known forex trading businesses in Nigeria, one in Port Harcourt and the other in Lagos.
The most wealthy forex trader in Nigeria is now known as Paragon, who uses the XM Forex broker. He mostly concentrates on oil in addition to FX, a volatile commodity whose price is continuously in the news and changes. Another thing that makes him famous is his incredible collection of expensive yet highly desired cars.
What is the Best Currency to Trade Today?
- US Dollar (USD)
- Euro (EUR)
- Australian Dollar (AUD)
- Swiss Franc (CHF)
- Canadian Dollar (CAD)
- Japanese Yen (JPY)
- British Pound (GBP)
How Many Pairs Should a Beginner Trade?
Well, a good rule of thumb for traders new to the market is to focus on one or two currency pairs.
Who is the Largest Forex Brokers?
- Saxo Bank.
- CMC Markets.
- StoneX (FOREX.com and City Index)
Which Currency is Strong in Forex?
The dollar is the strongest forex currency. This is because of its global dominance, the dollar is used to price many commodities such as oil and precious metals like gold and silver. It’s also the most widely traded currency on the global foreign exchange market. USD is involved in 88% of all forex trades, according to the Bank of International Settlements.
When Should I Take Profit in Forex?
Taking your Profit is best when you are using a short-term strategy. You can get out of the market as soon as you hit your profit target, without letting your gains slip away in a later downturn. Furthermore, you can take your profit when you’re trading against the trend, as prevailing trends tend to continue over time.
How do you know when to Buy and Sell in Forex?
Well, knowing when to buy and sell forex depends on many factors, such as market opening times and your FX trading strategy. However, many traders agree that the best time to buy and sell currency is generally when the market is most active and when liquidity and volatility are high.
Which Forex Pair is More Profitable?
The most profitable currency pairs in the forex market will depend on a trader’s individual trading style and strategy. Notwithstanding, some of the most popular and potentially profitable currency pairs in forex include EUR/USD, USD/JPY, GBP/USD, USD/CAD, AUD/USD, and USD/CHF.
What is the Number 1 Rule in Trading?
The 1% rule demands that traders never risk more than 1% of their total account value on a single trade. In a $10,000 account, that doesn’t mean you can only invest $100. It means you shouldn’t lose more than $100 on a single trade.
Forex trading can be a lucrative venture for skilled individuals who possess knowledge and expertise in the financial markets. The individuals mentioned above are known for their success in forex trading in Nigeria.
However, it’s important to note that the forex market is highly volatile and risky, and success is not guaranteed. It requires a deep understanding of the market, careful analysis, risk management, and continuous learning.
If you are interested in forex trading, it’s advisable to acquire a solid education in trading, seek guidance from experienced professionals, and always practice responsible risk management.