‘Gold-backed Securities Will Deepen Commodity Market, Forex’

BY OLUSHOLA BELLO, Lagos

Nigeria is expected to deepen its commodity market and foreign exchange (forex) earnings with the listing of Dukia Gold’s diversified financial instruments on the Lagos Commodities and Futures Exchange (LCFE), said the chairman, Dukia Gold, Mr. Tunde Fagbemi.

The Dukia Gold’s diversified financial instruments are backed by gold as the underlying asset in a sector worth over N300 trillion.

Fagbemi, who made this known at the pre-listing media parley in Lagos, disclosed that, the listing and commencement of trading on the gold-backed assets would generate forex for the government to diversify exter- nal reserves, increase capacity and create employment across the metal production value chain.

He said the instruments which would be in the form of exchange traded notes, commercial papers, and other gold- backed securities would enable the company to deepen the commodities market in Nigeria.

He noted that the crude oil and the cocoa market would have had a better outing if there were strategies put in place to regulate it right from inception.

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