‘Nigeria can fight poverty if forex potential is explored’ - THE GUARDIAN
By Benjamin Alade
Nigeria can reduce its level of unemployment and fight poverty if the potential in the foreign exchange (fx) market is fully explored, FX expert has said.
According to them, using institutional mechanism to drive a profitable foreign exchange in the country with government regulation in the market, Nigeria may be on its pathway to reducing unemployment and its increasing poverty level.The Managing Director and Chief Executive Officer of MBA Forex and Capital Investment Limited, Maxwell Odum, said at the weekend during a press conference in Lagos heralding the firm’s “From Bare2Blue” revolution.
He expressed confidence that if the market is regulated from the inside and investors’ money protected better by government’s regulation, it will boost confidence in the market, adding that the next level for Nigerians is assured in terms of financial stability.
Speaking on the event, he said the ‘Bare2Blue’ revolution will play pivotal role by enabling financial diversification through foreign exchange to enhance the economy of Nigeria.
According to him, ‘Bare2Blue’ revolution is intended to change lives by providing jobs and streams of income for Nigerians through its life changing packages.He also called for regulation of forex companies in Nigeria, to protect people in forex business.
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.
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.
“FX 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 FX market will be mainly through the transfer of knowledge because you need to particularly understand that FX is a 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 FX 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 added.