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FG, stakeholders’ partnership key to growing Nigeria’s forex market – experts

Nigeria’s forex market
Experts in forex market and fund managers say cooperation between the Federal Government and industry players is essential to growing Nigeria’s forex market. 
Emmanuel Stanno, a fund manager, assures that the partnership would be paramount, as programmes could be developed to impart knowledge, especially into the young ones, adding that this could help stem cyber crime among the youths.
Speaking at the Hantec Global Financial conference in Lagos, recently, Stanno expressed concerns over Nigerians low participation in forex market, saying a lot of education had to be done for Nigerians to benefit fully from the market.
“There are so many frauds around that are discouraging people from investing in the forex market; so, people are scared. We are only trying in our own way to change people’s orientation, to let them know that forex market is the real deal,” he said.
There is a need for investors to be patient and not greedy in order for positive growth to be achieved in the business, he said, saying, “The forex market is a business place and it takes time to grow profits from any business. When you start up a business, you spend money to run it first before expecting returns. There is a need to work on emotions when investing in forex.”
As a fund manager, he said the partnership with Hantec Global was a mutually beneficial one, as it had shown to be trusted over the years, making the business between brokers and the market much easier.
Mike Fowope, managing director, Hantec Africa Limited, said the opportunities that abound in the forex market were such that people were not fully aware of, and that was why Hantec was focusing on educating the public about it.
“What we are trying to do is to contribute our quota in eradicating poverty, empowering people on how to make money trading on the international currency market. The online forex trading is an offshoot of fintech, and at times financial inclusion, they are all interwoven.
“What we are doing basically is taking from the traditional way of trading in currency against another to make money. It is same thing we do online, but this time with a regulated market, as a regulated entity and on an online platform. Rather than doing it with physical cash, we trade with our e-money.
“Nigerians are hungry for information and knowledge, we’ve seen that and that’s why we have come out to educate people. The company, which has been running operations in Nigeria for 18 months is glad to note that Nigerians have been quite receptive, as it currently has a client base of 13,000 people and hopes to have empowered at least 250,000 people in the next 10 years,” Fowope said.

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