Home Scam/Fraud Why are Nigerians susceptible to forex scams? – Nairametrics

Why are Nigerians susceptible to forex scams? – Nairametrics

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A persistent loss of value in the local currency, the naira, has precipitated a heightened demand for foreign exchange for saving spare cash in a manner that hedges against inflation. Besides this, however, many Nigerians have also adopted forex trading as a business and a number of these ‘traders’ often seek the participation of people with spare cash as ‘investors’ in the forex trading business. While a few have genuinely provided value to their patrons, many have taken their investors to the cleaners, defrauding them to the tune of several millions of naira.

According to a report released by Dailyfx (a forex research firm) in 2020, Nigeria’s forex traders traded currency positions worth as much as $1.25 million on average, daily.

While the volume of transactions done so far is huge enough to build an industry, it is also tempting enough to attract scammers, whose mission is to rip ignorant Nigerians of their…

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