Forex or Foreign Exchange is the process of converting one currency to another currency for diverse purposes including commerce and trade. The Forex market is a global decentralized and/or over-the-counter (OTC) market for trading currencies. Using trading volume as a metric, the forex market is the largest market in the world. Recent data from the Bank for International Settlements showed that trading in forex markets averaged $6.6 trillion per day in April 2019. The U.S Dollar is the most actively traded currency in the forex market, comprising at least 90% of the trades.
According to Nairametrics, Nigerian forex traders trade positions of an average of $1.25 million per day. Forex trading is not yet regulated in Nigeria. It is also not illegal to trade forex in Nigeria.
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