FXTM was founded with a mission to make trading accessible to everyone. The foremost trading company believes the excitement and opportunities of trading should not be limited to a select few.

Through the FXTM Academy, electronic trading (E-trading) was introduced with the aim of simplifying the buying and selling of financial assets online.

These assets, known as financial instruments, range from currencies and commodities like oil and gold to shares of major companies such as Facebook and Apple.

With over 11 years of global experience and more than a million users worldwide, FXTM is a trusted name in the financial market.

Our established reputation makes us a reliable partner for traders of all levels.

In Nigeria alone, the FXTM Academy has hosted five successful welcome events this year, drawing over 800 attendees and proudly graduating more than 30 traders.

Abiola Akinyele, executive director of FXTM Nigeria, said: “In FXTM Academy, we provide students with a comprehensive and hands-on understanding of critical financial markets, including currencies, equities, indices, spot metals, and commodities.

“We cover essential skills such as fundamental analysis, technical analysis, and more. Whether online or in person, our regularly organized seminars, workshops, and webinars equip our clients with the strategies they need to trade profitably and confidently.”

As the world increasingly embraces artificial intelligence, FXTM has taken the lead by launching the innovative FXTM AI Trader Coach app.

This tool offers personalized trading guidance, real-time insights, and an engaging learning experience, making it ideal for traders at all levels.

Whether you’re practicing, returning to the market, or refining your skills, the AI Trader Coach helps you grow into a more strategic and confident trader.

Akinyele further said: “FXTM Academy goes beyond technical skills. We delve into the psychology of trading, which makes up 80% of success in the field.

Our training covers risk management, avoiding emotional pitfalls like greed, impatience, overtrading, and confirmation bias, all of which are crucial to protecting your capital and ensuring long-term success.”

Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent.

The monetary policy rate is the baseline interest rate in an economy. Every other interest rate used within an economy is built on the MPR.

While speaking to newsmen at a press briefing after the committee’s fifth meeting for the year at the CBN headquarters on Tuesday in Abuja, the governor of the apex bank, Olayemi Cardoso, said the committee members unanimously decided to further tighten monetary policy.

This new rate is an increase of 50 basis points from 26.75 per cent announced by the apex bank in July 2024.

The new rate reflects an 8.5 per cent increase in interest rates under the current leadership, which took office a year ago.

Cardoso said, “The committee was unanimous in its decision to further tighten policy and thus decided as follows, one: raise the MPR to 27.25 per cent.”

However, the MPC retained the asymmetric corridor around the MPR at +500 to -100 basis points and raised the Cash Reserve Ratio of deposit money banks by 500 basis points to 50 per cent and merchant banks by 200 basis points to 16 per cent from 14 per cent and retain the liquidity ratio at 30 per cent.

“The MPC decided to retain the asymmetric corridor around the MPR at plus 500 to minus 100 basis points.

“It also raised the Cash Reserve Ratio of deposit Money banks by 500 basis points to 50 per cent from 45 per cent and merchant banks by 200 basis points to 16 per cent from 14 per cent and retained the liquidity ratio at 30 per cent.”Cardoso said

Hope Payment Service Bank Limited has lost N6.56 billion to cybercriminals and has filed an application before the Federal High Court in Lagos to recover the stolen funds before they are fully dissipated.

In its legal action, Hope Payment Service Bank has named 30 banks as defendants.

The application, supported by a 17-paragraph affidavit sworn by Abiodun Fade, bank’s chief finance officer, Hope Payment Service Bank Limited, was argued in court by Ukon Uye, Lagos lawyer alongside I.E. Awolola.

According to the affidavit, on Sunday, July 15, 2024, the bank’s platform experienced unauthorized access, leading to the fraudulent transfer of significant sums from customer accounts to unknown beneficiaries.

Fade stated that the fraudulent transfers were made from various customer accounts at Hope Payment Service Bank into the accounts of the beneficiaries.

Upon discovering the breach, the bank immediately approached the defendant banks, requesting that the funds be clawed back.

However, the banks have allegedly refused to act without a court order.

In his affidavit, Fade emphasized the urgency of freezing the accounts of the beneficiaries to prevent further dissipation of the funds.

He warned that unless the court intervened swiftly, the bank risked losing millions belonging to its depositors, investors, and shareholders.

Fade also noted that the perpetrators of the fraud, upon learning of the bank’s recovery efforts, have already begun to deplete the transferred funds.

He explained that the fraudsters have employed various tactics to move and conceal the money, posing a high risk to the bank’s ability to recover the stolen sum.

“If this application is not granted, the funds illegally transferred will likely be dissipated by the beneficiaries, and the bank will face significant financial exposure,” Fade said.

He added that the bank’s financial standing has already been severely affected by the breach and that the court’s immediate intervention is critical to preventing further losses.

The bank assured the court of its willingness to provide an undertaking as to damages, should the defendants or account holders suffer any loss due to the court’s orders.

After hearing the submission of the plaintiff’s counsel, the court granted an interim injunction.

The order directed the defendant banks, their agents, and representatives to place a restriction on the accounts linked to the fraud, freezing any amounts transferred from Hope Payment Service Bank until the hearing and determination of the motion for interlocutory injunction.

The court further instructed that the plaintiff must file an undertaking as to damages, indemnifying the defendants and the account holders in the event that the injunction should not have been granted.