Dealer advises govt to tap opportunities in forex market - THE NATION
The Federal Government needs to harness opportunities in the Foreign Exchange Market to create jobs and fight poverty, Managing Director and Chief Executive Officer of MBA Forex and Capital Investment Limited, Maxwell Odum has said.
He spoke during a press conference heralding 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 can 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 will 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 August 16th and 17th in Lagos, will give the company opportunity to unveil its products.
He 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 skeptical 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.
“Forex is not gambling and the risk is high. In MBA, we want to stabilise the system and make forex profitable to venture. We know the dynamics on how the market works, I want Nigerians to take advantage of it.
“In MBA we trade averagely $6.5 trillion daily. We have the expertise, knowledge and technical know-how. We have what it takes to navigate into profit. For over two years, we have been consistent in getting lives changed through the forex market,” he said.
Also speaking, the Business Development Manager of Exclusive Markets, Claude Herve Tchatchouang, said the foreign exchange market still remained largely unexplored in Nigeria.
He noted that with the level of willing investors in the market, unemployment will be drastically reduced in the country.
He added that with the transfer of knowledge and needed skill set to Nigerians on the opportunities in the market, unemployment will be dealt with.
“Forex market in Nigeria is a growing market, mainly unexplored for the time being. Right now we do understand that with the level of funding in the market, the level of unemployment can be drastically reduced. Because the market gives the stakeholders something they can use an alternative source of income and opportunity for employment.
“Solving unemployment through forex market will be mainly through the transfer of knowledge because you need to particularly understand that forex is skill based business. It is not gambling and it has nothing to do with gambling. The way the business model was introduced in Nigeria was like an activity through which you invest and start gambling, but forex market in the real sense has nothing to do with gambling.
“You will need to learn the skills of trading and from then transform the learnt skills-set into capital and from capital to returns from investments.”
He also no added that the MBA Forex training school offers effective training to individuals in forex marketing.
The bulk of the training, he said, was to give back to the society and not to make profit but as means to give back to the society by helping to curb unemployment.
“MBA Forex Institute has the experience and skill set to teach the beginners to improve their financial blueprint, thereby turning time into money.
“Our clients through our world class trading and training experience are given the opportunity not just to learn to create wealth and income, but also to be disciplined to follow the right principles which will set them apart as successful traders and not gamblers.
“MBA Forex Limited is set to empower the Nation with a system of knowledge that work