Stakeholders in the forex business and capital market have called for the regulation of the forex market to help to combat fraudulent activities prevalent in the industry and to protect industry players.
Maxwell Odum, Chief Executive Officer of MBA Forex and Capital Investment Limited, said at a conference over the weekend that by using institutional mechanism to drive a profitable Foreign exchange in the country and with government regulation in the market, Nigeria may be set on its pathway into drastically reducing unemployment and its increasing poverty level.
He added that if the market is regulated internally and investors’ are assured of security by the government regulatory body, it will boost the investors’ confidence in the market.
“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 are going on in FOREX market and has made many people to become sceptical about the industry,” Odum said.
Odum explained that MBA FOREX is changing the narratives by pushing for regulation of forex companies coming into Nigeria which would help in putting a check on fraudulent activities relating to Forex trade and also protect Nigerians by ensuring that people go into forex through the right channels.
He added that as an emerging industry, the MBA Forex and Capital Investment Limited is registered and certified by various regulatory agencies which include the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Corporate Affairs Commission (CAC) and the is in the process of getting certified by the Securities and Exchange Commission (SEC).
Odum mentioned the upcoming program of the MBA Forex themed Bare2Blue banquet scheduled to hold in Lagos on 16th and 17th of August will avail the company an opportunity to unveil its products which are intended to reduce the poverty rate by providing jobs and streams of income for Nigerians through its various packages
“The Bare2Blue banquet will play a pivotal role by enabling financial diversification through the foreign exchange to enhance the economy of Nigeria. Furthermore, Bare2Blue banquet.” Odum said.
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.
“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.
Speaking on the progress of the forex market in Nigeria, Tchatchouang said: “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.”
Gbemi Faminu
