TP Global FX Country said supply and demand, government policies, lack of investors confidence, insecurity, government borrowing for personal expenses, and importation are the factors responsible for naira decline.
By Eberechi Obinagwam
As Naira continues to depreciate against the dollar, with a recent report of Naira being depreciated by 0.6 per cent at the Nafex Window, touching the N600-$1 mark at the parallel market, more awareness of exportable skillset such as forex trade has deepened.
In a bid to help Nigerian youths gain financial freedom and help the economy grow, TP Global FX held a day summit, on Sunday to educate youths in Nigeria on Exportable Skillset such as Forex.
TP Global FX Country Manager, Chuks Obiri, said that their mission is to empower youths with a skill that will help them earn much more because when they do, they can bring back the money to help the economy. “We want to contribute to our own quota to help the economy by educating them with exportable skillset. We are not asking them to bring too much money, we want to educate them on skills that they can export that will benefit them and grow the economy.
“Some people still have this money but they don’t know what to do with them hence our mission of educating them on how to make good use of their money with available experience people. They can earn so much not from their capital but with the right skillset like Davido and Wizkid exports their skills outside the country and they are paid for.
“We don’t need too much money, all we need from our youths is for them to come so we can teach them the right skill set so that we can export them,” he said.
READ ALSO
Transport Ministry to conclude automation processes
Obiri while educating the youths emphasised that there is a need for every youth to learn an exportable skill set which is the solution to the uncertain economy.
According to him, the falling Naira versus the US dollars is affecting everyone. “Every Nigeria needs to be empowered, be trained, be educated and have the right mindset and also embrace this solution we are bringing for a better Nigeria,” he said.
The TP FX Global Country Manager at the summit disclosed that supply and demand, government policies, lack of investors confidence, insecurity, government borrowing for personal expenses, and importation are the factors responsible for the naira decline.
He, however, faults Nigerian politicians for the scarcity of dollars, “The politicians are indirectly responsible for the scarcity of dollars in Nigeria because they have kept these dollars for long and bringing them out now to give to delegates. The hoarding of those dollars is the reason why it keeps skyrocketing. We want to contribute to our own quota by first increasing the earning power of Nigerians because if an average Nigerian earns about 2000 dollars which is approximately 1.2 m so imagine what they can do with that amount,” he said.”
Speaking earlier, the Chief Executive Officer, TP Global FX, Nitish Sharma, said “Our ultimate mission is that any trader who is associated with us always earns out of his investments by trading himself using our different educational and monitoring services with a vision to strive to offer the best trading conditions to our clients using state of the art AI/ML-based trading experience.
He explained that “We want to show people how to earn in foreign currency by educating them more on the financial market, how they can Execute while also earning”
In his Interest in coming to Nigeria, Sharma said he has a lot of investors here and it has been a wonderful time here, disclosing that the biggest factor that is going to play in the dollar Naira will be the election by next year.
Speaking on the confidence of investors, he said: “The confidence of investors is going to be determined by the government fiscal policies, ”so let’s wait after the election as no one will want to lose his money,”
He said with approximately 250 million people in Nigeria among youths, their product will sell because Nigeria is a huge market.
Also speaking, Regional Marketing Manager, Vignesh Sundar on his part said they want Nigerians to know that they have the power to better their own lives not just to train them. ” we are here to show them the resources to make their life better financially as well as their families too”
He said that the challenges so far are that everyone is positive but they are not aware of the resources they have at hand to reach the next levels.
“It pains me that the youths are positive but are not aware of the resources they possess. I am here because I am so passionate to make people get better with the right resources. I am here to show them the resources we have to help them to get to the next level,” he said.
For the protection and confidence of investors, he said, “No one can read the future, but what we can do is to control your future. We are here to show that people can come and go, but your future is in your hands. We are showing them that no matter who comes to destruct your life, whether, for the better or the worse, you always make sure you have control over your life. My narrations are to make sure people take power on their hands, make money on their own so they can control their narratives,”
Views from the participants
Modebola Anne Ajibodu said she is here to learn from the TP Global Summit, “I am here as a professional to learn how to make more money legally so that I will not be regimented on what the dollar is doing to us right now.
“The dollar has given Naira a substantial nature presently, so I am here to learn more so I can see how I can maximize the little I have and be able if not meet up with the standard of the dollar, but at least, have a fighting right like every other person that has a better currency”
Bamiro Opeoluwa said: “I want to use the tools they are training us on to make more money for myself. The way the dollar is increasing. The best thing is to start earning in dollars. Earning in Naira alone may not be financially sustainable for the future.
This program provides us with a platform to earn and save in dollars. And considering the Nigerian economy, that’s the best thing to do now. They have introduced us to the App. It’s a two-way tool. You can trade by yourself or you copy trade from experts in the market.
Asking if there are any challenges, he noted that for now, everything is easy. “I don’t see any challenges. All that is required is to copy from the experts on the platform”.
