Nigeria’s official currency is the Nigerian Naira, which denoted by the acronym NGN. The Central Bank of Nigeria (CBN) manages and distributes the country’s official currency.

Forex trading has become extremely popular in Nigeria, but not all brokers offer Nigerians access to Naira-based trading accounts, which come with the benefits of no conversion fees and immediate transactions performed by local financial institutions.

In this article, we explore the best Naira trading accounts offered by brokers who additionally provide excellent trading conditions.

1.     FXTM Advantage Account

Overview

One of the most popular. Naira trading accounts the Advantage Account from FXTM has spreads starting at 0.01 pip, which is lower than most similar brokers, and instead of the standard spread markup, traders will pay between $0.4 and $1.2 each side, depending on how much money they’re trading.

Pros and Cons

Features

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2.     HotForex Zero Spread Account

Overview

Spreads on the EUR/USD start at 0 pips, making it one of the few market-based Naira trading accounts.

Note that only significant currency pairs have spreads of zero. For major currency pairings, you’ll pay a commission of 40 ZAR/3 USD every lot (a total round-turn fee of 80 ZAR/6 USD), as with all raw spread accounts.

Pros and Cons

Features

3.     7bForex Standard Account

Overview

The Standard Account from 7bForex is part of our selection of best Naira trading accounts due to its low minimum deposit and access to high leverage ratios.

Pros and Cons

Features

4.     Alpari ECN Account

Overview

ECN accounts at Alpari are better suited to more experienced traders. In return for a 3 USD roundturn commission, the Forex ECN Account has spreads starting at 0.4 pips (EUR/USD) and requires a minimum deposit of 500 USD.

With a starting spread of just 0.4 pips (EUR/USD) and no commissions, the Pro Account is one of the industry’s lowest-cost trading accounts.

Pros and Cons

Features

5.     Exness Pro Accounts

Overview

The five Pro Accounts from Exness, which require a minimum deposit of $500 USD but offer substantially narrower spreads, are of appeal to more experienced traders. For EUR/USD, one of the Pro Accounts has spreads as low as 0.6 pips, with no commission.

Pros and Cons

Features