Foreign exchange (forex) trading is no doubt a thriving business/investment in Nigeria. A report released by Dailyfx (a forex research firm) earlier in 2020, confirmed this when it found that Nigeria’s forex traders trade currency positions worth as much as $1.25 million on average, daily.

This volume is huge enough to build an industry; however, it is also mouthwatering enough to attract quacks or scammers, whose mission is to fleece unsuspecting investors of their hard-earned money.

To curb the operations of scammers, who promise their unsuspecting clients unrealistic/mirage returns on investment, an entrepreneur with business interests in technology and investment management, Dr Tayo Oyedeji shared his experience and offered some valuable advice.

Buyers beware
He shared, “Early this year, a young man walked into my office at @Overwoodng and offered to “help” us make 5% per month on all the investments in our portfolio.

“I did the math and saw that our $1million will quickly become $1billion in 15 years at 60% per annum from this gentleman. What a deal!”

Source : @ nairametrics

#forex #forextrader #nigeriaforex