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, commencing the much-awaited electronic trading of commodities receipt in Nigeria.
Prior to the inauguration yesterday, 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 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. He explained that the Coins represented culture, value and inclusivity of Lagos State.
” Today, history is being made with the inauguration of Lagos Commodities and Futures Exchange, it’s 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 hyper inflation, rising debt and a host of other challenges.”, Sanwo-Olu said.
He commended the Board and Management of LCFE for the great vision that has strong potentials to grow the Nigerian economy through commodities ecosystem.