Ogumbe – The Federal government has been advised to take advantage of the $7 trillion daily global financial markets through effective regulation.
Dr. Theophilus Ogumbe a financial expert advised FG in a recent briefing tagged “Cryptocurrency and the role of Central Bank of Nigeria (CBN).
In his statement, Ogumbe states that “There will be a time when the physical note will not be in circulation. People will leverage more on the online platform, so there’s 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.”
On the said $7 trillion daily global financial market Ogumbe said “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 further gives credit to the federal government following steps it has taken in the past months on Cryptocurrency, recall the apex bank has announced it will release its digital currency effective October 1, 2021.
This was orchestrated following its ban on cryptocurrency in Nigeria, while it did not prohibit Nigerians from trading on crypto, it, however, prohibits the financial institutions from facilitating or enhancing cryptocurrency-related transactions.
Where accounts related to cryptocurrency trading were suspended as of February 5, 2021, in a circular directed at “Deposit Money Banks” and other financial institutions.
Citing irregularities bordering on “Anti Money Laundering and Terrorism Financing” alongside other ill activities being carried out on the crypto platforms given the identity of the players cannot be verified.
It was in a bid to pacify aggrieved Nigerians that the Central Bank decides to create a digital currency to replace the trend.
“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.
In this light he further buttresses how young people rush into forex to make money, forgetting that they need requisite mentorship to succeed at it.
Comparing what is obtainable with what is happening in a company where sits as an executive “Active code” he said “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.”
Active code Business Hub is a forex trading and ICT company headquartered in Calabar, Cross River State, Nigeria. It offers
- Forex trading
- Data management
- Business consulting
- Website design
- FX signal Processing
- FX training
- Digital marketing and
- Graphic solutions.
So you know about a homegrown expert Mr. Theophilus Ogumbe who is advising the Federal government on the way forward on cryptocurrency.