Nigeria has been charged to take advantage of the about $7 trillion rotating on daily basis in the Foreign exchange market globally by coming out with effective regulation.
A Foreign Exchange finance expert, Dr. Theophilus Ogumbe who gave the advice yesterday in Calabar in a statement on Crypto Currency and the Central Bank of Nigeria (CBN), ” there will be a time whereby the physical note will not really be in circulation. People will leverage more on the online platform, so the time is still fresh for we Nigerians to take advantage of the foreign exchange financial industry. This is the biggest platform, the biggest market you could think about in the whole world”.
Ógumbe who is also the Chief Executive Officer of Activecode Business Hub an IT based firm in Nigeria, said as at last week its circulation “was 6.3 trillion dollars,and as I speak over 7 trillion dollars that rotate in this industry. We have big platform, big industries on a daily basis. The stock market does about $1.2 billion in a year but we are talking about 7 trillion dollars rotating on a daily basis, so the market is broad that’s why, if you make your research you will discover that most of the issues we have is because of the market. This is where the big stakeholders stay, this is where no matter how little the fund you have is , you could literally grow your funds, gradually”
While commending the federal government for the steps they have taken so far on crypto currency , he said, “but we should not compare ourselves with some of the developed and developing countries who are coming out with their own assets for people to patronize. First lots of Nigerians are leveraging on Crypto space, even if you make your research you will discover that Nigeria is part of the key players in the Crypto space. A lot of youths, a lot of persons are trading and making some little earns.
“I had proposed for it to be professionally regulated and to also look at what they ( young people) are doing with a view to possibly encourage them even in tertiary institutions so that they can learn. Some of persons who are already experts on the side of government should go out to see what these young people are doing and try to understand it then they would be able to know what is best either regulation or our own coin and you must engage young Nigerians and our solutions must be home grown” .
In the forex market, he said some younger rush in to make quick money but it is not so because “first thing first , everyone needs mentorship, when you have a mentor, you follow the lifestyle of your mentor and do research; how did this person get to this level, learn from them, you will discover that we also believe that success is a process ,it’s gradual ,we are not in a hurry because you cannot rush success ,it has stages and we follow due process .
“At Activecode for instance it’s one of the keys we teach our students mentorship. We enlighten our students tell them that ( forex / Financial market) is not a get rich quick avenue, you have to learn, you have to unlearn what you know, you have to learn, you have to be patient but, gradually, gradually, don’t think you’ll just come and start making one thousand, three thousand dollars, no.
“No matter how small even if it is10 dollars, 10 dollars in Nigeria is close to N5,000 and even if it is 10 dollars you make on a daily basis, you will know that in a week you are able to make some good amount of money and in a month it is just like earning a salary and you are also growing in this field, getting percentage which is what we encourage them here at active code business”.