With the debut of Eko Gold Coins, valued at £100 million in tranches, the Lagos Commodities and Futures Exchange has been opened for real-time trading and the electronic trading of commodities receipts in Nigeria has begun.
According to a statement released on Thursday, the LCFE has carried out a number of test trades on its cutting-edge technology and other fundamental infrastructure before the inauguration in order to align the operational processes with international best practices.
Governor Babajide Sanwo-Olu, the Special Guest of Honor, expressed confidence that LCFE would open up countless opportunities for investors to make a consistent living through the electronic trading of receipts for their commodities’ products on an open and well-regulated market while speaking at the ceremony’s inauguration in Lagos.
Sanwo-Olu announced the launch of 58 units of gold-backed Eko Gold Coins spot contracts and said the contracts could be redeemed at any moment.
He clarified that the coins stood for Lagos State’s culture, values, and inclusivity.
“Today, history is being created with the opening of the Lagos Commodities and Futures Exchange, the debut of its specialized electronic trading platform for commodities, and the proof-of-concept release of the first batch of special gold coins known as Eko Gold Coins,” Sanwo-Olu stated.
“The 58 coins introduced are backed by gold, and the unique coins can be redeemed whenever you like. The introduction occurs while Nigeria deals with hyperinflation, mounting debt, and a number of other issues.
Akin Akeredolu-Ale, the Exchange’s Managing Director, explained that LCFE operations would boost double-digit growth of Nigeria’s Gross Domestic Product through de-risking of commodities products and transparent price discovery. He blamed the COVID—19 pandemic for the delay in the launch of the pan African Exchange. It might interest you to read Oyo State prohibits PSPs from conducting door-to-door or commercial waste removal
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