How Forex Dealers Became Richer Through Covid-19
In any adverse situation, there is usually an opportunity. The ability to identify, manage and utilize the adverse situation to one’s benefit is what makes all the difference in any one’s life.
The novel Corona-virus otherwise known as Covid-19, took the world by storm, unleashing death, destruction and economic catastrophe to world economy leaving it battered and shattered psychologically and economically. Whether the world and indeed the global economy would ever remain the same again only time will tell. But out of the ashes of the turbulent times, some smart individuals and organizations took advantage of the situation and exploited and explored the it to their advantage.
Benjamin Nnamdi Nwoye, a Manager of Carl Commercial Enterprise, a company that deals on Forex and financial services. At a time other businesses were shutting down and downsizing, Nwoye and his Carl Commercial Enterprise were busy smiling to the bank.
What is the magic ward? What did they do differently to achieve this success? Explaining how they managed to turn adverse situation into a money making venture, Nwoye said, “Generally Covid-19 brought lot of challenges. Some of the challenges it brought was the stay at home order by the government. So during that period, it was a boom to the market. I mean the Remon B (RMB), market. You know why, because the physical markets where they sell goods or services were locked up. People were not going out. There was no way you could contact those that are on dollars i.e. those selling physical cash. So, those who operate on Remon B were having boom because as I speak with you, I have my Android phone. I can just move Remon B, from one account to another.
Explaining further, Nwoye said the number of people into the Remon B market at that period of the Covid-19 was few. “It was the issue and challenges to get your goods come into the country that made others come into Remon B market”. He stressed that during that period there was a boom for those in the Remon B. market owing majorly to the difficulty to obtain physical cash as a result of the total lockdown.
“Indeed, it was a boom to those of us, who were into RMB market. So the lockdown did not affect those of us in the Remon B(RMB) market. Rather the market had a boom”. Nwoye added.
According to Nwoye, Remon B or (RMB) is a Chinese type of currency. It is existing because there are bottlenecks in the transfer market. That is the transfer of dollars to other international markets. “When you transfer money, for instance on Monday, the confirmation will delay like Wednesday to Thursday, before you could get confirmation, but with (RMB) Remon B, transfer is fast and quick for confirmation. You do a transfer tody and you can confirm it the same day in China. And the China supplier will confirm to the Nigerian importer that I have received your fund,” Nwoye said.
Nwoye noted that even though the dollar has wider acceptance in terms inflows, peeople still prefer transfer using Remon B (RMB), because it is fast and transactions are confirmed quickly.
“Assuming your container is already in the Wharf, and you want to take delivery of your container immediately with quick and fast confirmation, you go to Wharf and they give you papers to enable you take delivery of your container, because the transfer has been confirmed. But with dollar transfer, you will have to wait for three days before you could assess your container” he said.