FOREX: Consultant Harps On CBN Backing

The Manager/Consultant of Forex Time (FXTM), Mr Dibi Sotonye
Tekena has spoken of the need for CBN to back up the activities of the foreign
exchange market.

Tekena in an interview with The Tide in Port Harcourt, said
that the CBN backing will generate benefits that would result in the growth of
Nigerian economy.

The manager noted that the backing will also open the door
for more companies to come into the business, “just as it is overseas  where we have money markers”.

He noted that the rate of profitability in the foreign
exchange market was faster than the stock market, though over a period of time.

The FXTM consultant also said that the daily traded volume
in forex  trading was far more higher
than the stock market, adding that very soon Nigeria will have forex trading
brokers.

On what affected forex trading in the past, he said “in
individual participation improved before 2008, as lots of people in Nigeria
were introduced to forex trading but were not armed with adequate information
about the trading.

He said that the issue of ignorance affected most investors
who lost much in the system.

“The fear is still preventing people from participating in
online foreign trading,” he said, adding that “this made Forex Time (FXTN) to
come up with a robust money management plan, a simple trading strategy and a
conducive environment to learn how to trade”.

Comparing the stock market with money market, he noted that
the two are trading windows, adding that while the stock market has opening and
closing time, forex trading goes on 24 hours a day.