- By Chidi Emenike | Nairametrics
AFEX Commodities Exchange Limited has announced the listing of Cashew on its platform, in a bid to diversify available investment options and create more wealth.
This is according to a disclosure issued by AFEX today and seen by Nairametrics.
According to the notice, the addition will help to expand the list of existing commodities available at the exchange which include;
- Paddy Rice
In addition, the Exchange notified the investing public that the new commodity will be made available on the exchange’s trading platform, ComX.
Why it matters
AFEX Commodities Exchange in the recent disclosure rationalized the need to list cashew on its platform. It hinged this on the lucrative nature of the commodity, noting that it has a lot of untapped potentials.
According to the disclosure, cashew exports in Nigeria are highly profitable, with a yearly export volume of over $167 million, and untapped yearly potential of over $115.8 million. Therefore, listing the commodity on the AFEX Exchange provides opportunities for investors to gain exposure to the commodity and maximize their returns on investment.
What you should know
AFEX Commodities Exchange had earlier announced the issuance of its debut Warehouse Receipt Backed Commercial Paper- The first of its kind in Africa.
AFEX Commodities Exchange is Nigeria’s first licensed private commodities exchange established in 2014. It provides a final resting place for commodities using a three pronged approach of production region, logistics differential and final commodity price.
ComX is the proprietary trading platform of AFEX. It serves as a market for investors, financiers as well as other market participants.
AFEX Commodities Exchange posted a turnover of N11.46 billion for Q4 2020, indicating an increase of 5,228.4% QoQ.