Foreign exchange is the conversion of one currency into another at a specific rate known as the foreign exchange rate. The conversion rates for almost all currencies are constantly floating as they are driven by the market forces of supply and demand.
The kind of money specifically traded takes the form of bank deposits or bank transfers of deposits denominated in foreign currency at an authorized forex bureau. The most-traded currencies in the world are the United States dollar, Euro, Japanese yen, British pound, and Australian dollar.
The US dollar remains the key currency, accounting for more than 87% of the total daily value traded.
Many factors can potentially influence the market forces behind foreign exchange rates. The factors include various economic, political, and even psychological conditions. The economic factors include a government’s economic policies, trade balances, inflation, and economic growth outlook.
Political conditions also exert a significant impact on the forex rate, as events such as political instability and political conflicts may negatively affect the strength of a currency. The psychology of forex market participants can also influence exchange rates.
The foreign exchange market is a decentralized and over-the-counter market where all currency exchange trades occur. It is the largest and the most liquid market in the world. On average, the daily volume of transactions on the forex market totals $5.1 trillion, according to the Bank of International Settlements’ Triennial Central Bank Survey (2016).
The forex market major trading centers are located in major financial hubs around the world, including New York, London, Frankfurt, Tokyo, Hong Kong, and Sydney. Due to this reason, foreign exchange transactions are executed 24 hours, five days a week (except weekends). Despite the decentralized nature of forex markets, the exchange rates offered in the market are the same among its participants, as arbitrage opportunities can arise otherwise.
The foreign exchange market is probably one of the most accessible financial markets. Market participants range from tourists and amateur traders to large financial institutions (including central banks) and multinational corporations.
Also, the forex market does not only involve a simple conversion of one currency into another. Many large transactions in the market involve the application of a wide variety of financial instruments, including forwards, swaps, options, etc.
- Forbes Forex Bureau
Location: Opposite Baastoona Total, spintex road, Accra, Ghana
Telephone: 0302950128, 0244834188
FAX: 0302760142
WEBSITE: http://www.iconetours.com - Africhange Forex Bureau
Location: Okai Mensah Rd., Adabraka, Accra, Ghana
Telephone: 0302234549, 0277452799
FAX: 0302233676 - Highway Forex Bureau
Location: Near Alaska Cinema, Nima Highway, Accra, Ghana
Telephone: 0302238085, 0208112339
FAX: 0302238085 - Dawula Forex Bureaus Ltd.
Location: Opp. Vicdoris Pharmacy, Ring Road Central, Accra, Ghana
Telephone: 0302220478, 0244618425 - Ota Forex Bureau Ltd.
Location: Next to Goil Filling Station, Adenta, Accra, Ghana
Telephone: 0302505479
FAX: 0302505479 - Quemexx Forex Bureau
Location: 28 Jones Nelson Rd, Adabraka., Accra, Ghana
Telephone: 0302257103
FAX: 0302224825 - Tanko Forex Bureau Ltd.
Location: Nima Highway, Accra, Ghana
Telephone: 0302232186, 0208175049 - Acorn Forex Bureau
Location: Farrar Ave., Adabraka, Accra, Ghana
Telephone : 0302224324 - Panafrican Forex Bureau Ltd.
Location: 9 Ring Rd. Central, Kokomlemle, Accra, Ghana
Telephone: 0302224578 - Al-Mal Forex Bureau Ltd.
Location: Nima Highway, Accra, Ghana
Telephone: 0302501053, 0208110134 - Costa Forex Bureau Ltd.
Location: Near Total Filling Station, Adabraka, Accra, Ghana
Telephone: 0302226528, 0244255000 - Esam International Gh. Ltd.
Location: 26/5 New John Sarbah Road, Accra, Ghana
Telephone: 0312024117
FAX: 0312024540 - 1st Choice Forex Bureau
Location: Kwaku Nkrumah Bldg., Kokomlemle, Accra, Ghana
Telephone: 0302245939, 0289518230 - Abdex Forex Bureau
Location: Black Caesar’s Palace, Danquah Circle, Osu, Accra, Ghana
Telephone: 0302776097 - A & B Forex Bureau
Location: City Car Park, Accra Central, Accra, Ghana
Telephone: 0244464247 - Accuned Forex Bureau Ltd.
Location: 31st Guggisberg Av., Korle Bu, Accra, Ghana
Telephone: 0302669583 - Adams Forex Bureau Ltd.
Location: Near The Market, Abeka Lapas, Accra, Ghana
Telephone: 0302667863 - Africa Haus Forex Bureau Ltd.
Location: Kojo Thompson Rd., Tudu, Accra, Ghana
Telephone: 0302667716 - Africodia Forex Bureau Ltd.
Location: near Main Market, Mamprobi, Accra, Ghana
Telephone: 0302222365 - Alisma Forex Bureau
Location: General Post Office Lane, Accra, Ghana
Telephone: 0302667676 - Anafi Forex Bureau
Location: Behind The Post Office, Accra-Central, Accra, Ghana
Telephone: 0302667749 - Amex Bureau De Change Ltd.
Location: Kotobabi Police Station, Accra, Ghana
Telephone: 0302223835 - Atarawo Forex Bureau Ltd.
Location: Kimberly Av., Okaishie, Accra, Ghana
Telephone: 0302667467 - Avenue Forex Bureau Ltd.
Location: C115, Kwame Nkrumah Ave., Accra, Ghana
Telephone: 0302225489 - Big ‘J’ Forex Bureau
Location: AA574/5, Adabraka, Accra, Ghana
Telephone: 0302226386 - Big Ten Bureau of Change Forex Bureau
Location: 696/3, Zongo Junction Lane, Accra, Ghana
Telephone: 0302665099 - Blessed Lady Forex Bureau Ltd.
Location: No. C100 3A, Kojo Thompson Rd., Adabraka, Accra, Ghana
Telephone: 0302231227