Nigeria’s Forex Market Largely Untapped – MBA Boss

The Managing Director and Chief Executive Officer, MBA Forex and Capital Investment Limited, Mr Maxwell Odum, says Nigeria’s foreign exchange market is largely untapped.

He also said if the potential in the forex market was fully explored, it could reduce unemployment and poverty level.

He spoke on Friday during a press conference in Lagos on the upcoming event called, ‘MBA Forex, From Bare2Blue’ revolution.

He expressed optimism in the potential of foreign exchange in Nigeria to reduce unemployment and poverty level.

Odum said that by using institutional mechanism to drive a profitable foreign exchange in the country and with government regulation in the market, Nigeria might be set on its pathway into drastically reducing unemployment and its increasing poverty level.

He expressed confidence that if the market was regulated from the inside and investors money protected better by government regulatory body which would boost the investors’ confidence in the market; the next level for Nigerians was 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 was intended to change lives by providing jobs and streams of income for Nigerians through its life changing packages.

He revealed that ‘Bare2Blue Banquet’ scheduled to hold in August in Lagos, would avail the company opportunity to unveil its products to Nigerians.

He also called for regulation of forex companies in Nigeria, to protect people in forex business.

Odum said, “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 the 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 are going on in forex market and has made many people to become sceptical about the business,” he said.

While urging Nigerians not to see forex trading as gambling, he said MBA Forex and Capital Investment Limited was registered and certified by the Central Bank of Nigeria.

Business Development Manager, Exclusive Markets, Claude 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 would be drastically reduced in the country.