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Gold Trading Kicks Off on Nigerian Exchange Ahead of Launch

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Gold Bar Casting And Krugerrand Minting At Rand Refinery Ltd.
Photographer: Waldo Swiegers/Bloomberg

A newly licensed Nigerian commodities exchange started trading in gold ahead of its official launch this week, the first time the metal will be offered on a bourse in the West African nation. 

The Lagos Commodities and Futures Exchange is licensed by the Securities and Exchange Commission to trade gold with the specification of the London Bullion Market Association’s 99.99% purity, targeting globally acceptable pricing and quality, according to Akinsola Akeredolu-Ale, managing director of the Lagos bourse.