The Anti-corruption and Transparency Monitoring Unit has called for transparency and principled trade in the Nigerian Foreign exchange (FOREX) markets dealing, stressing that transparency and ethical dealings will enhance the growth of the Forex trading in the country.
Speaking at the MBA Forex and Capital Investment Limited’s “Bare2blue Revolution” Business Banquet in Lagos at the weekend, the Chairman, Anti-corruption and Transparency Monitoring Unit, Presidential Villa, Ahmad Sulaiman, said ethical business tailored to the policy direction of the current administration remain the way forward in building a sustainable fraud free Forex market in Nigeria.
“The energy of Nigerian youths needs to be channelled into a sustainable and legitimate business to reduce the unemployment currently plaguing the country. Part of the drives to provide employment and create opportunity for Nigerian youths to engage themselves legitimately is Forex businesses”
“If adequately monitored and regulated by policymakers, foreign exchange trading can tame unemployment in Nigeria,” Sulaiman said.
He said that the MBA Forex and Investment Limited as an upcoming economic catalyst has been certified by necessary regulatory agencies in Nigeria adding that the MBA’S method of operation is in line with the anti-corruption and transparency drive of the current administration.
Addressing the issues of establishing businesses in Nigeria, Sulaiman advised Nigerians against going into a business that is ethically deficit adding that any business lacking in transparency should be shunned as the current administration is combating strictly all forms of corruption.
“It is no longer business as usual. Nobody should go for any business that is not sustainable, accountable, transparent and ethical in Nigeria. But only business that has shown to be otherwise and operating within the ambit of the Nigerian laws should be encouraged.” Sulaiman said.
Maxwell Odum Chief Executive Officer, MBA Forex, restated the company’s commitment to transparency and ethical dealings adding that agency regulation and government involvement in the industry will minimize the possibility or fraudulent and illegitimate dealings.
Odum added that “MBA FOREX is changing the narratives with the various licenses binding the company to operate ethically in the market and ensure investors’ money and other investments are safe.”
“Despite the options and opportunities available in the industry, it is yet to be fully explored and introducing the regulation of the Forex industry will help in combating fraudulent activities relating to Forex trade.”
The Business Development Manager, Exclusive Markets, Claude Herve Tchatchouang, said the foreign exchange market still remained largely unexplored in Nigeria adding that with the level of willing investors in the market, unemployment will be drastically reduced in the country.
“Right now, the FX is still a virgin market. It is a market that still needs a lot of improvement and there is a lot of work going on to create awareness by MBA about the opportunities in the FX market.” Tchatchouang said.
