Connect with us

E-Financial

FXTM Holds First Forex Demo Contest

Published

on

Kindly share this post

Forex trading is about to take on an exciting competitive edge as global broker Forex Time Ltd (FXTM) has announced yet another step in the company’s international expansion with the launch of the company’s first forex demo competition, The Forex Factor. 
 
The Forex Factoris especially suited to new traders or those who would like to improve their skills and test their strategies in a risk free environment, while experiencing FXTM’s world class products, top quality services and multi-lingual support.  

As FXTM rapidly grows from strength to strength on a global scale, the competition is a great way for novice traders around the world to get to grips with the forex world while honing in on their talent as they give it their best shot in the fun new demo challenge.
 
The competition, which begins on November 4,  will see one talented trader receive a prize of $3000 credit in a live FXTM trading account, while a further eight runners up will also be recognised with prizes of trading credit. 
 
The initiative is one which runs in line with the overall company ethos for innovation while always trying to find new ways to engage traders and increase knowledge about what it takes to be successful in forex trading today.
 
The demo contest is an excellent way for new clients to learn how to use the MT4 platform, come up with a personalized workable trading strategy, and get to know FXTM’s customer centric support and services.

FXTM is fully aware that no one customer is the same, and is dedicated to ensuring that each client’s individual needs and aspirations are catered for.
 
Olga Rybalkina, CEO of Forex Time said: “From day one, we have stated that Forex Time is here to provide the ultimate trading experience for clients.  The launch of The Forex Factor is yet another example of our commitment to traders and the trading experience.”

To participate in The Forex Factor, traders must register by opening a demo account with FXTM between October 15th and November 3rd.  From November 4th, FXTM will publish daily updates of the highest performing traders on a leaderboard so participants can keep a close watch on the competition.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

Published

on

Kindly share this post

“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


Kindly share this post
Continue Reading

Trending