Dealer Advises FG to Explore Forex Market Opportunities - THISDAY
The federal government has been advised to harness opportunities in the foreign exchange market to create jobs and fight poverty, the Managing Director and Chief Executive Officer of MBA Forex and Capital Investment Limited, Maxwell Odum has said.
A statement quoted him to have said this during the MBA Forex “From Bare2Blue” revolution in Lagos. He expressed optimism in the potential of foreign exchange in Nigeria to reduce unemployment and tackle poverty.
He said institutional mechanism could be used to drive a profitable foreign exchange market adding that with government regulation in the market, Nigeria may be set on its pathway into drastically reducing unemployment and its increasing poverty level.
Odum, said the ‘Bare2Blue’ revolution would enable forex-driven financial diversification for sustained economic growth. According to him, ‘Bare2Blue’ revolution is intended to change lives by providing jobs and streams of income for Nigerians through life-changing packages. He revealed that ‘Bare2Blue Banquet’ schedule to hold on 17th and 18th August in Lagos, would avail the company opportunity to unveil its products to Nigerians.
He also called for regulation of forex companies in Nigeria, to protect people in forex business.
“MBA Forex is changing the narratives, by pushing for regulation of forex companies coming into Nigeria. This will help in putting a check on fraudulent activities relating to Forex trade and also protect Nigerians by ensuring that people go into forex through right channels.
“We want the market regulated because we want those in forex trade to follow the right path, not getting their hands burnt, because a lot of fraudulent activities is going on in forex market and has made many people to become sceptical about the business,” he said.
Odum, warned Nigerians not to see forex trading as gambling, saying MBA Forex and Capital Investment Limited is registered and certified by the Central Bank of Nigeria, CBN.
He also added that the company has also been cleared by the Economic and Financial Crimes Commission (EFCC).
Those listed to also have certified the company include the Security Exchange Commission (SEC) and the Corporate Affairs Commission (CAC) to allay the fears of Nigerians on the issue of fraud.