(3 minutes read)
· The Lagos Commodities and Futures Exchange (LCFE) is set to admit Dukia Gold‘s diversified financial instruments backed by gold as the underlying assets in a sector worth over N300 trillion
· LCFE is the first commodities exchange to be licensed to trade gold in Nigeria by the Securities and Exchange Commission (SEC
· Dukia Gold explained that the instruments which would be in form of exchange-traded notes (ETN), commercial papers (CP) and other gold-backed securities would enable the company to deepen the commodities market in Nigeria
The Lagos Commodities and Futures Exchange (LCFE) is set to admit Dukia Gold‘s diversified financial instruments backed by gold as the underlying assets in a sector worth over N300 trillion. LCFE is the first commodities exchange to be licensed to trade gold in Nigeria by the Securities and Exchange Commission (SEC).
Dukia Gold explained that the instruments which would be in the form of exchange-traded notes (ETN), commercial papers (CP) and other gold-backed securities would enable the company to deepen the commodities market in Nigeria. The company is looking at increasing capacity, generating foreign exchanges and creating massive employment across the metal production value chain. Dukia Gold’s Chairman, Tunde Fagbemi noted that the listing remained one of the ways to diversify Nigeria’s sources of foreign exchange at this critical period of Nigeria’s economy.
The listing shall enable the company to facilitate infrastructure development, expand capacity, create fungible products, which will shore up Nigeria’s foreign reserve and create an alternative window for the preservation of pension funds.
