Ibekimi Oriamaja Reports
The Lagos Commodities and Futures Exchange (LCFE) has been inaugurated for real-time trading with the high-profile launch of Eko Gold Coins, valued at 100 million pounds in tranches, kicking off the long-awaited electronic trading of commodities receipts in Nigeria.
Prior to the inauguration yesterday, LCFE,
had carried out a series of test trades on its cutting-edge technology and other fundamental infrastructure to drive operational processes in accordance with global best practices.
Governor Babajide Sanwo-Olu, the Special Guest of Honour at the inauguration ceremony in Lagos, expressed confidence that the LCFE would provide limitless opportunities for investors to earn consistent income through electronic trading of receipts of their commodities products on a transparent and well-regulated market.
Sanwo-Olu, who announced the release of 58 units of gold-backed spot contracts for Eko Gold Coins, stated that the contracts could be redeemed at any time. He explained that the coins represented the culture, value, and inclusivity of Lagos State.
“Today, the Lagos Commodities and Futures Exchange, its dedicated electronic trading platform for commodities, and the proof of concept for the first tranche of special gold coins known as Eko Gold Coins are making history.” The 58 coins issued are gold-backed and redeemable at any time. The launch comes as Nigeria grapples with hyperinflation, rising debt, and a slew of other issues.” Sanwo-Olu believes.
He lauded the LCFE Board of Directors and Management for their bold vision, which has the potential to boost the Nigerian economy through the commodities ecosystem.
