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Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. CFA franc can refer to either the Central African CFA franc, which is the official currency of six member nations and symbolized by the abbreviation XAF in currency markets, or the West African CFA franc, which is the official currency of eight member nations and is symbolized by the abbreviation XOF in currency markets. When France switched from the franc to the euro, the currencies retained parity, so the currencies currently trade at CFA francs to 0.

Both CFA francs are interchangeable as they hold the same monetary value against other currencies, though they are separate currencies.

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In theory, however, the French government or the monetary unions using the currencies could decide to change the value of one or the other. The term CFA has had a few meanings over the years. Previously, French colonies had their currencies pegged to the French franc. However, changes made by the signing of the Bretton Woods Agreement , ratified in , pegged the French franc to the U. France created the new currency to avoid devaluing the money in its colonies.

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The initial exchange rate in was one CFA franc to 1. In , the rate changed to one CFA franc to two French francs after the devaluation of the French franc.

This artificially high exchange rate for the CFA franc caused economic stagnation among the countries in the CFA franc zone in the s and early s. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. Blessing Ezeako started her forex trading journey by studying different trends and trading strategies specifically associated with forex trading.

She treated the process like a learning experience, all while she was working a full-time job. Sandile Shezi is a South African trader with Nigerian origins who grew up in conditions of severe poverty. Shezi became one of the youngest, most successful Nigerian traders, borrowing tuition fees intended for university to enter the forex market. He bought and sold stocks alongside forex and made decent profits, even without prior knowledge of trading or an economic background.

Shezi spent a significant portion of time learning about forex terminologies , different trading methods, and risk management systems, and today, he spends time giving back to others who wish to start trading in forex. Patrick Ogagbor is an ex-Zenith Banker who quit his job to become a professional forex trader. Equipped with entrepreneurial curiosity, he sought out new ways to become successful.

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However, he had the belief that forex trading was a get-rich-quick business, but he soon found out that there was a lot more behind it. Benjamin Ajimoko is a successful forex trader who applied the right mindset and trading psychology to earn him success in forex trading. Instead of trading the markets full-time, he turned into becoming a forex trading teacher instead. His secret to success lays in the vast world of trading knowledge that there is alongside gaining experience in trading forex.

TRADE ECN FOREX/CFD

This Nigerian forex traders tarted off trading in forex before he explored other instruments such as commodities, futures, and equities. He actively traded in forex for 12 years and he started offering tutorials and strategies to other beginner traders in Nigeria. His success in forex trading comes from exploring sustainable forex strategies and ensuring that risk management practices are employed and followed to avoid incurring losses.

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By submitting above, you agree to our privacy policy. Toggle navigation. Overview Forex trading is a lucrative business opportunity for those who are dedicated towards turning trading into a professional career, as the traders on this list will be able to testify.