Preparatory to the inauguration of the Lagos Commodities and Futures Exchange (LCFE), no fewer than 23 dealing firms have been admitted for trading on the Pan African commodities market.
Details of the dealing member firms are still hazy, but reliable sources explained that they have scaled the hurdle of rigorous screening in line with the processes and procedures for trading on the market. According to a source, the names of the firms would be unveiled on the day of the Exchange’s inauguration.
Besides, about 750 individual professionals are said to been shortlisted for training, a prerequisite for admitting them into the Exchange as operators in different areas of specialisation.
The LCFE was recently granted approval to commence operation as a full-fledged Commodities and Futures Exchange by the Securities and Exchange Commission (SEC), a development that elicited widespread jubilation in Nigeria’s financial market as LCFE is set to compete in the global market.