Despite currency fluctuations and macro-economic shocks across Africa, emerging reports show that Nigeria and South Africa, the two largest economies in
Africa, are the biggest players in online retail forex trade, which now accounts for more than a quarter of the continent’s forex trading.
It is important to know that Africa’s greatest participant in the FX market is South Africa. The most traded currency in Africa is the South African Rand, which is used by the nation even as the Rand ranks as the 20th most traded currency globally.Although, Nigeria remains cautious about the FX market as the Nigeria’s Securities and Exchange Commission cautions Nigerians against engaging in leveraged online retail forex trading.
Additionally, the availability of numerous trading apps allows African traders to keep track of the Forex markets while on the road, resulting in a practical and approachable trading interface. Although the forex trading market is expanding in Africa, there are still many obstacles to overcome. Fraudulent actions along with a lack of awareness, knowledge and regulatory infrastructure have impeded its growth.
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