The Nation Newspaper Nigeria plans to trade crude oil on Lagos commodities exchange
‘s crude oil and gas may soon be traded domestically on the Lagos Commodities and Futures Exchange in a major move that will open the biggest foreign-exchange sector to the general investing public.
According to him, tLCFE will connect oil producers to local and offshore markets, curb default risks, boost product availability and encourage more investments. The LCFE started trading in 2022 with gold. It has since traded more than 66 million naira or $58,000 of the metal through registered commodity brokers. A gram of gold coin listed at 42,500 naira two years ago closed at 65,000 naira at the end of February.
Nigeria had earlier also launched a plan to trade on the nation’s energy supply ecosystem and other derivatives. SEC is coordinating the preliminary efforts to establish an Energy Exchange as part of a national agenda to develop the vast commodities trading ecosystem.
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