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Forex trading will reduce unemployment in Nigeria – Iloka


Our Reporter


As Nigerians grapple with rising unemployment, 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 said forex trading would not only raise entrepreneurs but also kick-start economic activities after the COVID-19 lockdown.

Speaking during a virtual interview with business reporters, Iloka said while other sectors of the economy have gone downhill in the last six months , the forex market has been rewarding to the traders and investors.

The young CEO said: “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 $1000.

“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, Iloka, 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, the 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. The economy is grounded.

Read Also: Forex market scam: CBN gets nod to freeze suspects’ accounts

“Nigerians need to embrace forex trading to save themselves from poverty. Look at  South  Africa and compare the  exchange rate between South African rand and US dollars, you will notice that it is very okay,  flowing  very smoothly. But compare our naira to dollars, you notice that it rises and goes down arbitrarily.  It’s 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.”



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