The Federal Government has been urged to initiate effective regulations to take advantage of the $7 trillion daily global financial markets.
A finance expert, Dr. Theophilus Ogumbe, gave the advice in a statement on crypto currency and the role of the Central Bank of Nigeria (CBN).
“There will be a time when the physical note will not be in circulation. People will leverage more on the online platform; so there is ample opportunity for Nigeria to take advantage of the foreign exchange financial industry. This is the biggest platform, the biggest market you could think about in the world,” he said.
Ogumbe, who is also the Chief Executive Officer of Activecode Business Hub, an IT firm, said as of last week foreign exchange market was 6.3 trillion dollars.
“As I speak, over $7 trillion rotate in this industry. We have a big platform. The stock market does about $1.2 billion in a year but we are talking about 7 trillion dollars exchanging hands daily.
“So, the market is broad. That is why if you do your research you will discover that most of the issues we have are because of the market. This is where the big stakeholders stay; this is where you can grow your funds no matter how small it is,” he said.
While commending the federal government for the steps it has taken so far on cryptocurrency, he said: “We should not compare ourselves with other countries which are coming up with their digital money. First, a lot of Nigerians are leveraging crypto space; if you do your research you will discover that Nigeria is part of the key players in the crypto space. A lot of youths, a lot of people are trading and making some little earnings.
“I had proposed that it should be professionally regulated looking at the youths who are doing it to encourage them. The government should go out to see what the young people are doing and try to understand them.
He said some young people rush into forex to make money undermining “first thing. Everyone needs mentorship. When you have a mentor, you follow the lifestyle of your mentor and do some research to get better at what you do.
“At Activecode, for instance, it is one of the tricks we teach our students. We enlighten our students and tell them that the financial market is not a get-rich-quick avenue. You have to learn; you have to unlearn what you know. You have to be patient and build your wealth gradually.”