Operators task commodities brokers on forex rules

Operators have charged the 102 newly inducted commodities brokers to take advantage of the emerging opportunities in the commodities ecosystem and support the government in its efforts to bridge the gap in the foreign exchange (forex) market.

Besides, they also stressed the need for the inductees to comply with the exchange’s rules and regulations.

The operators gave the advice at the induction ceremony of 52 commodities brokers held in Lagos at the weekend.

As part of the preparation for the commencement of its full-blown trading, Lagos Commodities and Futures Exchange (LCFE) had inducted a total of 102 commodities brokers.

The exchange had inducted 50 senior commodities brokers earlier in March and concluded the induction with other 52 at the weekend.

Specifically, the Past President of the Charter Institute of Stockbrokers (CIS), Mike Itegboje, who was also the induction coordinator at the ceremony stated that commodities had become major sources of foreign exchange globally.

Therefore, he stressed the need for the inductees to ensure that they leverage opportunities in the commodities exchange ecosystem to generate more forex for the country and promote government efforts towards ensuring the sustainable availability of dollars.

Chairman, LCFE, Onyewenchukwu Ezeagu who congratulated the inductees said the trading rules of the exchange which cut across agriculture, oil and gas, solid minerals and currency were approved by the Securities and Exchange Commission(SEC).

According to him, the rules had been exposed to the Nigerian capital market and the commodities ecosystem.

He urged the inductees to ensure professionalism by operating following these trading rules of the Exchange.

Chairman, Association of Securities Dealing Member Houses of Nigeria (ASHON), Sam Onukwue said commodities trading had presented a new frontier that would challenge professionals to unleash their creative potential to grow the market and create value for its stakeholders.

Onukwue urged the Federal Government to ensure that only regulated exchanges should be allowed to engage in commodities trading.