As Nigerians grapple with the rising rate of unemployment in the country, the CEO of fledgling forex trading firm, Leo Fx Academy, Mr. Victor Iloka, has enjoined the populace to embrace forex trading to beat the scourge of poverty.
Iloka noted that the coronavirus pandemic further compounded the hardship of not a few Nigerians, who have been left without jobs when the lockdown restrictions were imposed by the Nigerian government in March.
Even with the lifting of the lockdown and easing of the restrictions in the first week of May, economic activities have been stymied, as corporations and companies fail to make a profit, and in turn, are constrained to lay off an already depleted workforce.
Offering insight on how the unemployment rate in Nigeria can be reduced, the CEO of Leo Fx Academy, Victor Iloka, said forex trading would not only raise entrepreneurs but also kick-start economic activities into life.
Speaking during a virtual interview with reporters, Iloka said while other sectors of the economy have gone downhill in the last six months, that the forex market has been rewarding to the traders and investors.
According to the young CEO, “the forex market in the last six months has been okay for me. I have been pushing forward. I can vividly recall that it was on October 16 that I hit my first $1,000.
“So I now challenged myself that if I was able to push further that I would go far. So I kept on pushing and improving.
“So the last six months, with the pandemic now setting in, have been very rewarding.”
Harping on why Nigerians must embrace forex trading, Victor, who faced a lot of challenges when he ventured into forex, said: “Nigerians must embrace it now that we have COVID-19 pandemic because with the economic crisis, majority of people have lost their jobs. The lockdown has affected all.
“Even those working are no longer making as much as before. Everything has deflated to the last level. The borders are shut and the economy is grounded.
“Nigerians need to embrace forex trading to save themselves from poverty. Look at South Africa and compare the exchange rate between South African rand an US dollars, you will notice that it is very okay, flowing very smoothly.
“But compare our naira to dollar and you notice that it recently rises and goes down arbitrarily. It’s very uncalled for.
“It’s painful seeing the currency of other countries in Africa doing better than ours. South Africa is doing well because forex is embraced by its government and people.
“By embracing it, the unemployment rate in Nigeria will go down as people would be owners of their destinies. As a forex trader, I can’t work for a company. In this COVID-19 era, I am making more money just by looking at my laptop.
“People can’t make such even working for six months non-stop. Youths need to embrace forex trading as it would push them forward and bring about a lot of changes to our country.”