‘Nigeria’s forex market has potentials to eradicate poverty, reduce unemployment’

Maxwell Odum, the managing director and chief executive officer, MBA forex and capital investment Limited, says the potential in Nigeria’s forex market could reduce unemployment and poverty level, if well explored.

He however noted that Nigeria’s foreign exchange market is largely untapped.

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

Expressing optimism about 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 drastically reduce unemployment and poverty.

He expressed confidence that if the market was regulated and investors money protected better by government regulatory body, the investors’ confidence in the market; will increase.

Speaking on the event, he said, “The ‘Bare2Blue’ revolution will play a 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 the company’s 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 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.

Claude Tchatchouang, business development manager, exclusive markets, 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.