- Title: Nigerian forex traders embrace Yoruba lessons
- Date: 6th December 2024
- Summary: IBADAN, NIGERIA (DECEMBER 3, 2024) (REUTERS) HERBAL PRACTITIONER, FUNMILOLA ALUKO, ARRANGING HERBS ON SHELF VARIOUS OF POWDERED AND LIQUID HERBS ON DISPLAY VARIOUS OF ALUKO, ARRANGING HERBS ON SHELF HERBS (SOUNDBITE) (English) HERBAL PRACTITIONER, FUNMILOLA ALUKO, SAYING: "We are in Nigeria. One source of income cannot do it again. I am a family woman, I have children that I am taking care of, and in the quest of looking for sources of income, I found forex. And immediately when I found forex, it clicked. And I said, 'Let me just go for it.'" ALUKO WALKING UP STAIRWAY AND ENTERING FOREX TRAINING CLASS SIGN READING (English): "CHARTSEMPIRE TRADING COMPANY, KNOCK AND OPEN" STUDENTS LISTENING TO CLASS VARIOUS OF FINANCIAL MARKET TRADER, OMOARE ADEKUNLE-ALLEN, LEADING CLASS AND POINTING TO CHART ON SCREEN VARIOUS OF ALUKO WATCHING AND LISTENING HAND WRITING NOTES (SOUNDBITE) (English) HERBAL PRACTITIONER, FUNMILOLA ALUKO, SAYING: "There are some things that even if they tell us it in English, you might not even understand very well, unlike when they are saying it in Yoruba, because we are Yorubas. That is why I prefer the Yoruba class, because they go deep, in depth, and they explain everything to us very clearly and very well. It helps us to understand it more." VARIOUS OF ADEKUNLE-ALLEN POINTING TO ASSET SYMBOLS ON SCREEN VARIOUS OF STUDENTS LISTENING (SOUNDBITE) (English) FINANCIAL MARKET TRADER, OMOARE ADEKUNLE-ALLEN, SAYING: "A lot of people actually are interested to go into this field but the barrier, the limitation they have is this language barrier of English. So that is why I sat down and said, 'Okay, as a Yoruba person I understand this, so there should be a way I should break this down in a format in which the Yorubas can understand this.'" IBADAN, NIGERIA (NOVEMBER 30, 2024) (REUTERS) DRONE VIEW OF MARKET (MUTE) PEOPLE WALKING VARIOUS OF ROADSIDE BEEF SELLER VARIOUS OF MAN SELLING FRUIT FROM CART IBADAN, NIGERIA (DECEMBER 1, 2024) (REUTERS) VARIOUS OF TAILOR, OWOEYE JAMES CUTTING AND SEWING DRESS (SOUNDBITE) (English) TAILOR, OWOEYE JAMES, SAYING: "I actually used that [forex trading] to pay up my school fees and sort out some bills. It has been so long now that I have been doing P2P (peer to peer trading), and I actually thank God for that, it has been helping me a little bit." IBADAN, NIGERIA (DECEMBER 3, 2024) (REUTERS) CHART ON SCREEN STUDENT LISTENING ADEKUNLE-ALLEN LEADING CLASS ADEKUNLE-ALLEN POINTING TO CHART STUDENT LISTENING
- Embargoed: 20th December 2024 06:57
- Keywords: Currency Economy Exchange Finance Forex Inflation Language Leverage Markets Money Tax Trade
- Location: IBADAN, NIGERIA
- City: IBADAN, NIGERIA
- Country: Nigeria
- Topics: Africa,Economic Events
- Reuters ID: LVA001428103122024RP1
- Aspect Ratio: 16:9
- Story Text: Funmilola Aluko carefully dusts and arranges new stock of root herbs as she prepares for the day's business.
A herbal practitioner who uses herbs to treat diseases and infections, Aluko takes pride in her work, following a tradition passed down through generations of women in her family.
Her shelves are filled with an array of liquid and powdered concoctions she produced herself. Living in Nigeria, where economic uncertainty is a constant reality, she decided to venture into online forex trading.
Unfortunately, her lack of understanding of complex terms led to financial losses.
"We are in Nigeria, one source of income cannot do it again. I am a family woman, I have children that I am taking care of, and in the quest of looking for a source of income, I found forex and immediately I found forex, it clicked and I said let me just go for it," she said.
Aluko was pleasantly surprised when she discovered a forex trading training centre offering classes in her native Yoruba language, a breakthrough to finally understanding the complex trading terms.
Although a fluent English speaker, Aluko found it difficult to grasp some trading concepts. Learning in her mother tongue renewed her confidence in overcoming initial hurdles.
"There are some things that even if they tell us in English, you might not even understand very well unlike when they are saying it in Yoruba because we are Yorubas, that is why I prefer the Yoruba class because they go deep...in depth and they explain everything to us very clearly and very well, and it helps us to understand it the more," she told Reuters.
The rise of online forex brokers and growing popularity of forex and cryptocurrency trading have led to an increase in trading platforms globally.
Selecting the right trading platform is crucial for both novice and experienced users. For beginners, this challenge becomes more daunting with unfamiliar terminologies.
Omoare Adekunle-Allen, CEO of Chartsempire, a forex and crypto trading firm in Ibadan, recalled years of struggling to communicate with clients hindered by language barriers. Inspired by the translation of the Bible into Yoruba, he decided to teach in his native Yoruba language instead of using conventional Chinese-dominated trading terminology.
"A lot of people actually are interested to go into this field but the barrier...the limitation they have is this language barrier of English, so that is why I sat down and said okay, as a Yoruba person I understand this, so there should be a way I should break this down in a format in which the Yorubas can understand this," Adekunle-Allen said.
For a fee, he trains students in two batches: 6 months for those who want to trade as a side hobby, and 1 year for those seeking a full-time career.
Factors such as internet access, mobile phone boom, youthful population and e-payment solutions are heavily influencing Nigerians to participate in global market trading.
(Production: Seun Sanni, Angela Ukomadu) - Copyright Holder: REUTERS
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