Experts in the foreign exchange (forex) sector have called on the Federal Government to incorporate forex trading in the Skills Acquisition and Entrepreneurship Department (SAED) of the National Youth Service Corps (NYSC).
The call was made on Friday during a press briefing in Lagos to announce the annual Forex millionaire expo to hold on Saturday, 13 January, at Landmark Centre, Victoria Island.
Convener of Forex Millionaire Expo, Benson Jeffrey, emphasised the importance of genuinely empowering more Nigerian youths and urged them to shift their focus away from engaging in internet fraud and other criminal activities as a means of livelihood.
Jeffrey, who journeyed into forex trading some years ago with no regrets, encouraged people from various backgrounds with access to an internet-enabled phone and laptop to acquire forex trading skills. This, he believes, can enable them to earn in foreign currency, generate additional income, and navigate Nigeria’s economic challenges.
“My highest recommendation is that the government add forex to the SAED programme. The already existing skills including barbing are nice and valuable, but I think money management skill, or a forex trader is what every household should have because that is where they get to learn risk management, trade management, and also manage their emotions. Anyone can learn forex trading as long as you have a phone and you can operate it”, he said.
Jeffrey implied that the surge in commodity prices in the country is linked to the depreciation of the naira against the dollar. He openly acknowledged that participating in foreign currency trading could be a viable strategy to maintain a higher standard of living amid the challenges posed by the declining national economy.
“Government can also improve in terms of policy making, deposit because banks are actively participating in forex trading, so it is legal. So, it is going to make it easier to send money out and withdraw, a lot easier”, he added.
“Everyone can trade forex. It doesn’t have to do with your level of education. We have a number of dropouts who are already trading. As long as you can read and write then you can trade, if you want to earn extra income, forex trading is a good thing that you should consider”, he said.
Also, the Chief Executive Officer of Kojoforex Academy, Bright Kojo, urged Nigerian youths to take advantage of the exchange rate technicality.
“You may wake up and naira is N2000 to a dollar what will you do? Nothing. They might not necessarily be taking advantage of it in equivalent of naira to USD but USD to euros or pounds”. he said.
On his part, Forex Pioneer, South Africa, Refiloe Nkele, a seasoned forex trader with 15 years of experience, identifies himself as an Evangelist of Forex. He shared his personal journey, highlighting how forex trading transformed his life from the slums of South Africa to a comfortable one. This transformation motivates him to encourage youths and others to embrace forex trading.
CEO of Freedom Tradehouse, Sam Keys, added that the Forex Millionaire Expo will equip attendees with the secrets and technicalities to navigate the world of forex trading with profit making.
