By Adeniyi Adedeji, Ilorin
Forex trading has been suggested a panacea to cyber crimes and other vices among the youth in Nigeria.
A forex expert and Fund Manager, Mr Stano Emmanuel, who is also the Chief Executive Officer, CEO, DCROCSTYLE Nigeria Limited, gave the advice during a press chat in Ilorin, Kwara State.
Emmanuel said if youths who are called ‘Yahoo Boys’ could be encouraged to train in forex trading, it would would expose them to internet the positive way and as well access good economic exposure.
He had said, “Getting trained in forex trading will drastically reduce the incidences of internet fraud and cybercrime among youths of the country.
“Trading in forex is legitimate, the youth will earn their profit in dollars, which they can withdraw anytime they want.”
Calling therefore on both state and federal governments to introduce forex training as a subject in schools, he said, “Government should make forex a major subject in tertiary institutions in the country, where students can graduate in.
“If Taxation can be a subject taught in polytechnics and universities, forex can also be a major subject.
“We have experts in the field who can design the curricula and other necessary thing to make forex a subject.”
Speaking on the effect of the COVID-19 pandemic on forex trading, Emmanuel said coronavirus and the global lockdown, though like every other human endeavour, took its toll on forex trading, but not to the extent that it did not provide its blessings.
The plague, he said, had opened up modern method in the trading and the use of internet the most legitimate way and make clean profits.
He said, “Covid-19 doesn’t really have much effect on the forex market like other physical business; this is because you have to trade in a stronger currency against the weaker ones.
“So one will decide to go with the US dollars, instead of trading in in the naira.
“At the end of the day, you will still make money, because we are trading in stronger currency even with crisis and the pandemic; you trade a stronger currency against a weaker one.”
The forex expert however said that because of the trade war between USA and China, most forex traders have shifted to trading in gold, metals and silver.
“We trade the stronger currency against the weaker currency in our business.
“Because of the uncertainties coming from the US-China trade war, traders now take gold as insurance, trading in them.
“This explains why gold surged to an all-time high recently,” Emmanuel said.