- Experts Seek Improved Regulation of Forex Market
Experts from foreign exchange investment firms have called on the Federal Government to regulate the Foreign Exchange Investment market in Nigeria.
The experts said that improved regulation would help to reduce the risks and fears and boost investment in the sector.
Some investors from a foreign investment firm, MBA Forex International, its partners AFX Group UK and Fintec Global Markets, who were members of a panel session, spoke at a one- day financial investors summit in Lagos.
The panellists were the Chief Executive Officer, MBA Forex International, Mr Maxwell Odum; AFX Group UK Business Development and Sales associate, Mr Claude Harvard; its Head of Back office and Trade Desk, Mrs Natalia Stetco and the Country Manager, Fintech Global Markets, Joel Adoki.
Adoki said that to keep risk level minimal and to control people’s investment, government must regulate the forex sector.
“If people see government’s involvement in it, they will want to come in, because the regulatory body can stand as the middle man between the broker and the investors and the regulatory body will ensure also that the brokers do not use investors’ money to run their own personal affairs,” he said.
Havard, on his own part, noted that investors’ money could only be protected better by government regulatory body, to ensure a stable and fraud-free market.
He said, “Investors money can only be protected by government regulatory body. The body becomes the middleman between the brokers and investors. Most times, investors cheat the brokers by using anonymous software and all other forms of fraudulent applications. The only common ground is the regulatory body to ensure protection.
“The financial world is changing and there are lots of opportunities that Nigerians can explore. Most of the brokers operating in Nigeria are not regulated and this has made a lot of people to get the wrong information and act wrongly.”
Natalio, on her part, said government must ensure the market was protected from the inside.
“We should all work to ensure that everything is fully regulated. It is important for the government to know that the industry must be protected from inside,” she said.
Odum, emphasised the need for Nigerian currency to be quoted in the forex market.
Odum said, “The summit is timely when we need to give financial stability in our economy, to individual’s life and making sure everyone have opportunities to gain financial freedom.”
He said the financial investment plans, which was in the area of foreign exchange trading, was quite expedient at a time when many Nigerians were complaining about financial difficulty, but would not mind exploring opportunities that could guarantee stable means of livelihood.
According to Odum, the financial firm and its partners understood that many Nigerians required useful information that could enhance their decision making, regarding investment plans and as such, MBA Forex Institute was partnering with others to provide a platform through which doubts could be cleared which could assist investors in making the right decision.