Experts urge FG to regulate forex market

From Ayodele Samuel, Lagos

Experts from leading foreign investment firm, MBA Forex International, its partners AFX Group UK and Fintec Global Markets have called on the Federal Government to step-in in regulating the Foreign Exchange Investment Market in Nigeria.
Speaking at a panel session at a One- day Financial Investors Summit held in Lagos on Saturday, the panelists said to keep risk level minimal and to control people’s investment, government has to come in to regulate the Forex sector.
The panelists include – 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- Country Manager, Fintech Global Markets Engr. Joel Adoki.
“If people see government 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,” said Engr. Joel Adoki.
On his part, Mr Claude Havard noted that investors’ money can only be protected better by government regulatory body to ensure a stable and fraud free market.
“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 brookers by using anonymous software and all other forms of fraudulent applications. The only common ground is the regulatory body to ensure protection, “ he said.
Natalio on her part said government must ensure the market is 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.
MBA Forex International Chief Executive officer, Maxwell Odum in his submission stressed the need to push for the Nigerian currency to be quoted in the forex market, saying that “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.”
Odum said the whole the financial investment plans which is in the area of Foreign Exchange (Forex) trading is quite expedient at a time when many Nigerians are complaining about financial difficulty but will not mind exploring opportunities that can guarantee stable means of livelihood.