If a broker wishes to trade on a client's behalf, there are certain conditions that must be met.
However, the vast majority of brokers in Nigeria operate illegally and without a license, resulting in the market's inability to be relied upon at times.
The Banking System Has A Significant Impact On Forex Investment Losses
There have always been concerns about banks' interference with the normal operation of currency trading, and these concerns have never gone away.
The court also determined that investment returns for investments made with an unlicensed fund manager or investment business were ineligible for recoupment under the law.
According to this ruling by the court, a person cannot bring a civil action to recover money from an investment business or trader who does not have a valid license.
More Stringent Laws That Impede The Recovery Of A Lost Forex Venture
Section 319 of the Administration of Criminal Justice Act, for example, contains severe restrictions and regulations that guide the investment of currency funds.
According to the statute, the court will either award substantial compensation to the victim or order that the offender pays the victim as compensation for the injury caused by the offense of acquiring money under pretenses.
In this scenario, substantial compensation must be recovered through a civil lawsuit, and in order for it to be given, it must be supported by the most convincing evidence.
The Only Remedy, but With Very Low Chances of Recovering Your Forex Losses
We all know that every fraud is unique and unusual, but with the assistance of some attorneys with greater skill, they may be able to modify your situation to give you a better chance of success.
However, they do not make unwarranted promises, and if the situation becomes such that proceeding would be detrimental, they will notify you as soon as possible.
Lastly, for the benefit of my potential readers, please share the specifics of your forex loss in the comment section for more enlightenment.
Have a wonderful day!
