THE 102 newly admitted commodities brokers have been charged by operators to take advantage of developing opportunities in the commodities ecosystem and support the government in its attempts to close the gap in the foreign exchange (forex) market.
They also emphasized the importance of inductees adhering to the exchange’s laws and regulations.
The operators delivered the advice at a weekend induction ceremony in Lagos for 52 commodities brokers.
The Lagos Commodities and Futures Exchange (LCFE) has enrolled a total of 102 commodities brokers as part of its preparations for full-fledged trading.
The exchange inducted 50 senior commodities dealers in March and completed the process with the induction of another 52 over the weekend.
Mike Itegboje, the Past President of the Charter Institute of Stockbrokers (CIS) and the ceremony’s induction coordinator, remarked that commodities had become key sources of foreign exchange worldwide.
As a result, he emphasized the importance of the inductees maximizing chances in the commodities exchange ecosystem to produce more forex for the country and support government efforts to ensure the long-term availability of dollars.
According to Chairman Onyewenchukwu Ezeagu, who congratulated the entrants (SEC) the Securities and Exchange Commission authorized the LCFE’s trading rules, which cover agriculture, oil and gas, solid minerals, and currency.
The rules have been exposed to the Nigerian capital market and commodities environment, he claimed.
He asked the recruits to maintain professionalism by respecting the Exchange’s trading guidelines.
Commodities trading, according to Sam Onukwue, Chairman of the Association of Securities Dealing Member Houses of Nigeria (ASHON), has presented a new frontier that would push professionals to unleash their creative capabilities in order to grow the market and produce value for its stakeholders.
Onukwue urged the federal government to ensure that commodities trading is restricted to regulated exchanges.
