Good News as Nigeria Launches First Commodities Auction Market [Video]

• Nigeria has launched its first commodities auction market partnering Traders Association and the Lagos Commodities and Futures Exchange
• It is expected that this project will alter trade procedures and align them with global standards
• A significant step in raising local trade to international standards is the launch of the Lagos auctions market

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Lagos Commodities and Futures Exchange (LCFE) and the Mile 12 International Market Traders Association have partnered to launch Nigeria’s first commodities auction market.

This project is expected to change trade processes and bring them into compliance with international norms, according to a statement from LCFE.

The program, which is based on Zimbabwe’s successful auction system, will prioritize quality control, controlled trading, and transparent price discovery.

A structured trading environment, market …