Before the advent of the internet, Foreign Exchange trading was seen as a ‘’rich man’s’’ venture made specifically for banks and large investors but with the rise of the internet and social media, such notions have been decentralized.
With a daily trading volume of over $5 Trillion making it the highest and most active liquid tradable market in the world, Foreign Exchange trading has become the major source of stable income for many globally. Nigeria is not left out as over two million Nigerians are trading in international Foreign Exchange market in the comfort of their homes or offices and making good profit.
The remarkable thing about Foreign Exchange trading is that profit is made from the fluctuation in the prices of the currency from time to time relative to each other and not generally.
This means that a buyer may purchase a currency as per its value when compared to the naira, should that currency appreciate in value in relation to the other, monetary profits will be made from the trade of such currency.
Most Nigerian businessmen have gotten wind of this spectacular benefit and thus go ahead to purchase large amounts of foreign currency, holding on to it and then selling it at much higher rates making huge profits.
During foreign exchange rates analysis, it is necessary you acquaint yourself with sufficient information for the derivation of a valid conclusion on the currency to purchase for safekeeping before reselling.
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