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ASHON identifies challenges of commodity exchanges

The Association of Securities Dealing Houses of Nigeria (ASHON) has identified the challenges militating against the growth of commodity exchanges in Nigeria even as it advocated enabling environment for enhanced healthy competition. ASHON, which proposed some policy measures to stimulate activities in the commodity exchanges’ value chains, argued that injection of N50 billion into the Commodity Exchange of Nigeria (NCX) was capable of creating uneven competition among commodities exchanges in Nigeria.

In a statement, signed by ASHON’s Chairman, Chief Onyenwechukwu Ezeagu, the association advised investors to take advantage of investment opportunities in the commodity exchanges to boost their income stream. “The commodity ecosystem has been existing informally for many decades.

Introducing structure, transparency and price discovery to this ecosystem is expected to receive some pushback as introduction of change is always difficult.The commodity exchange ecosystem in Nigeria is new and heavily misunderstood.

The biggest drive for commodity exchanges is to ensure that all the participants and regulators of the ecosystem and capital market understand the commodity exchange market, the various opportunities and necessary regulatory and legal framework to support it.

“The announcement to inject N50 billion into the Nigeria Commodity Exchange by CBN is a welcome development. Any act by the Federal Government to stimulate the growth and development of the commodities ecosystem through the commodity exchanges is highly beneficial to the entire ecosystem.

 

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