Ijibadejo: Nigeria’s forex market now more structured, driving jobs and growth
The Chief Executive Officer of Sure-fire Investments Limited, Temitope Ijibadejo, has said Nigeria’s forex trading space has undergone significant transformation, evolving into a more structured and professional market with growing
The Chief Executive Officer of Sure-fire Investments Limited, Temitope Ijibadejo, has said Nigeria’s forex trading space has undergone significant transformation, evolving into a more structured and professional market with growing relevance in the global retail segment.
In a statement, Ijibadejo noted that forex trading in Nigeria was previously fragmented and largely unregulated, with limited understanding among participants.
He said the sector has since developed into a more organised ecosystem, creating employment opportunities and improving participation.
“Ten years ago, trading the forex market in Nigeria was largely a disparate activity characterised by a serious lack of knowledge. Few participated and even fewer understood it well enough to profit. Most traders operated in isolation or in small groups without formal structure or guidance. A majority incurred losses, largely due to insufficient knowledge rather than lack of interest, as there was no proper platform for structured learning,” he said.
He explained that this knowledge gap contributed to widespread losses and negative perceptions of forex trading, which many viewed as an uncertain venture.
“The situation was further complicated by a handful of successful traders whose earnings appeared unrealistic to observers. The industry lacked the business structure required for credibility and became largely speculative,” he added.
Ijibadejo said efforts to address these challenges led to collaboration with the National Youth Service Corps (NYSC) to train graduates in forex trading as a professional career path rather than a side activity.
According to him, the initiative helped bridge the knowledge gap and made it easier for participants to adapt to the evolving dynamics of the market.
He also disclosed that his firm played a role in facilitating the entry of foreign brokerage firms into Nigeria by helping to establish structured and compliant operational frameworks.
“At a time when foreign brokerage firms were hesitant due to regulatory and structural concerns, we worked with firms such as CM Trading and Squared Financial to enter the Nigerian market. These firms have since made significant capital investments and created employment opportunities,” he said.
He cited CM Trading’s growth, noting that the firm recorded about 10,000 users within 18 months and generated over $7 million in deposits following the introduction of structured onboarding processes.
Despite the progress, Ijibadejo cautioned that limited experience and low awareness levels still expose many participants to online scams exploiting the sector.
“That explains the high-risk factor the trade still faces, although the market is now better structured. While it is yet to reach full maturity, increasing regulation and improved organisation are shaping how participants approach forex trading,” he said.
