On the January 19th, 2021. The Securities and Exchange Commission (SEC) approved Eight (8) additional Commodity products for trading on Lagos Commodities and Futures Exchange to bring the total number of tradeable commodities on the Commodities Exchange to thirteen (13).
The Commission initially approved 5 commodities in November 2021, a month after approving the rules guiding the Exchange. This new approval now permits the third licensed commodities Exchange in Nigeria the ability to trade: Paddy Rice, Soya Beans, Sesame Seeds, Shea Butter, Cassava, Palm Oil Kernel, Cashew Nut, Yellow Maize, Dry Ginger, Whole Ginger and Sorghum.
The Managing Director of the Exchange expressed that the approval of the additional commodities was a welcome development and shows the Commissions ‘commitment to the development of the Commodities Ecosystem. He also stated that the Exchange was working closely with the Commission to process the Exchange’s approval for Gold Commodities.
Once this approval is granted, it would make LCFE the only Exchange in Nigeria with the approval to trade Gold contracts.