The Lagos Commodities and Futures Exchange has been inaugurated for real-time trading with the launch of Eko Gold Coins, valued at £100m in tranches, which commences the electronic trading of commodities receipt in Nigeria.
A statement on Thursday said prior to the inauguration, LCFE, had conducted a series of test trades on its state-of-the-art technology, and other basic infrastructure to drive the processes of operations in line with the global best practices.
Speaking at the inauguration ceremony in Lagos, the Special Guest of Honour, Governor Babajide Sanwo-Olu, expressed optimism that LCFE would create limitless opportunities for investors to earn steady income from electronic trading of receipts of their commodities’ products on a transparent and well-regulated market.
Sanwo-Olu, who launched 58 units of spots contracts of Eko Gold Coins, backed by gold, stated that the contracts could be redeemed at any time.
Sanwo-Olu said, “Today, history is being made with the inauguration of Lagos Commodities and Futures Exchange, it is dedicated electronic trading of commodities platform and launch of the proof of concept of the first tranche of special gold called, Eko Gold Coins. The 58 coins launched is gold-backed and the special coins can be redeemed at any time. The launch comes at a period that Nigeria is contending with hyperinflation, rising debt and a host of other challenges.”
The Exchange’s Managing Director, Akin Akeredolu-Ale, who ascribed the delay in the take-off of the pan African Exchange to advent of COVID—19 pandemic, explained that LCFE operations would enhance double-digit growth of Nigeria’s Gross Domestic Product through de-risking of commodities products and transparent price discovery.