BUSINESS HALF HOURInvestment in foreign stocks made easy with Chaka | Tosin Osibodu – CEO @chaka.ng

 If the pandemic has taught us anything, it is this: No one can survive with one source of income. Also, it is unwise to blindly throw your money into any type of investment. You need something solid, a pandemic-proof opportunity.

This explains why many young Nigerians have been looking seriously into the forex trading sector. It is, afterall, the biggest and most liquid market in the world. And anyone can trade at any time, from the comfort and privacy of their smart gadgets.

However, many wonder if it isn’t counterculture. People can’t quite agree on the morality of making a living from speculating about the rise of the dollar against the pound sterling or the Nigerian naira.

And if you have a low appetite for risk, you probably want to be sure that Forex trading is legal in Nigeria. But before we address this concern, let’s look at a brief definition of Forex trading.

(READ MORE: Nigerian banks have written off N1.9 trillion impaired loans in past 4 years)

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What is Forex Trading?

Forex trading is a type of transaction that involves the buying and selling of currencies.

There are several reasons why people and organizations engage in forex trading including:

To make a profit.

To regulate the market.

To facilitate trade.

To encourage tourism, etc.

Forex trading has caught on like wildfire. Like I said earlier, many investors are giving the forex market a go, probably because it seems to be pandemic proof.