Forex traders will knock on your door with attractive offers, most time, you will be tempted to take a step, when it comes to Forex investment if you are not directly trading the finance market yourself, you dont need to trade forex in Nigeria, don’t fall for any offer, it might be a scam.
Many of these companies claiming to run a Forex business in Nigeria are not teal, many are fake; they only come with an impressive offer, they know that people will likely want to invest in their business if they hear 30% to 40% return on investment and at the end of the day investors’ money will be in a mess.
In my case, I was not tempted by the offer, yet I lost almost all of my NYSC savings.
I have a story to tell – How it all begun
It was a Good Friday evening, sometime around March of last year (2020), I got introduced by a trusted friend who claimed to have about
N 500,000 in forex investment with a forex trading company right here in Nigeria.
When he said it, I was not moved because I knew already that forex trading comes with a lot of risks, Most companies trading forex know this and they used it against their investors to swindle money away from them.
We already know forex trading is risky, but because of the sweet words being told by forex trading companies, sometimes will invest all the money we have into it and we tend to lose it all.
I wouldn’t have invested my money but I did it because of the level of trust I had in my friend plus what he said, that initial deposit is a guarantee to be refunded if anything goes wrong.
This motivated me, i believed if i didn’t gain anything in the end at least I will have my initial deposited money back.
I knew people can be very tricky I never wanted to give in but I gave it a shot for the sake of my friend and to meet my target for saving my NYSC allowance.
My plan for the NYSC monthly allowance
We all know the situation of the Nigeria nation, a place where after graduating from school, you are left alone with no job to do, as for me I know the kind of family I was coming from, graduating from school was through the help of God and my mother who single-handedly funded my school tuitions all through my days in school.
I knew after NYSC I have no one to look up to for money, then I planned to save
N 25,000 every month and no matter how hard it may, I should find a way to survive on the remaining N 8,000 I have calculated that at end of the service year I should have up to N 250,000, even when I decided to spend the first two months of NYSC allowance on food and some other things for the family who has helped me when I needed them the most.
I planned to secure an apartment and get some little things to use in the house and use the remaining sum for a business that I can use to canter for myself until I find a job if I would even find anyone soon due to the nature of the country.
I didn’t plan to go back to my mother because she has remarried another man; I won’t want to be an intruder at my age but Forex wiped off my entire plan.
At first, i didn’t want to invest in it because I know if anything happens to the money then my plan is long gone but I had to do it because I felt if I have more I can plan bigger and that was what led me to it.
I believe if anything changed positions, I will still have my initial deposit based on what my friend Ind agreed upon.
Eventually, my plan completely failed, left me to be frustrated, as I couldn’t even get a job. Most traders who seek investors money are not legit.
Reasons Why I said you don’t need to trade forex in Nigeria
If you must trade forex, know how to trade don’t give out your money to any of these so called forex traders guru who is more genuine in Nigeria.
In the next series, we are going to be talking about
- What went wrong with the investment
- Did I ever enjoy forex money?
- What was the next line of action I took?
- How it all ended with the forex investment.
If this post is engaging, comment down below if you want to read the other part of the story.