In a significant move to enhance Nigeria’s foreign exchange (forex) market, leading investment firm MBA Forex International has partnered with AFX Group UK and Fintec Global Markets. This collaboration aims to provide a more robust trading platform, ensure the security of funds, and push for the Nigerian naira to be quoted in the global forex market.

At the 2019 Financial Investors Summit held in Lagos, Maxwell Odum, CEO of MBA Forex, emphasized the importance of securing financial stability for Nigerians through forex trading. He noted that many Nigerians are eager for financial change and stability, stating, “The summit is timely as we aim to offer individuals opportunities to gain financial freedom.”

The partnership between MBA Forex and AFX Group, which now serves as the parent company of MBA Forex, seeks to offer secure, non-banking liquidity platforms for Nigeria and Africa. Odum explained that this collaboration is a crucial step toward changing the narrative for Nigerians, many of whom have faced financial instability and negative experiences in the forex market.

Claude Harvard, Business Development and Sales Associate at AFX Group UK, acknowledged the challenges faced by Nigerians in the forex sector. He highlighted the prevalence of unregulated brokers, which has led to widespread misinformation and financial losses. Harvard noted that this partnership offers Nigerians a chance to learn about global forex trends and access reliable, regulated brokers.

The Chief Operating Officer of MBA Forex, Ede Peters, addressed misconceptions about forex trading, clarifying that it is not a Ponzi scheme but a long-standing global market, with daily transactions exceeding $6 trillion. Peters urged Nigerian youth to participate in the forex market, pointing to its success in reducing unemployment in countries like China.

Engineer Joel Adoki, Country Manager of Fintec Global Markets, called for government regulation to safeguard the forex market and protect investors. He stressed that a regulatory body would help mitigate risks, ensuring brokers do not misuse investors’ funds.

During the panel discussion, experts reiterated the need for government intervention in the forex market. Harvard and Adoki emphasized that a government regulatory body is essential for protecting investors and ensuring transparency in the market. They also noted that the global financial landscape is changing, and Nigeria must adapt to seize new opportunities.

In his closing remarks, Odum stressed the importance of empowering Nigerians with the right information to make informed investment decisions. He reiterated the commitment of MBA Forex and its partners to providing a secure and transparent platform for forex trading, ensuring that Nigerians can benefit from financial opportunities that offer stability and growth.