Competition and Financial Exchanges

AllAfrica reported via the Champion the welcome establishment of Nigeria's 1st commodity exchange(The Abuja commodity exchange)."...ASCE which would trade in spot transactions for high quality grains such as white and yellow maize, soyabeans, cowpea, benniseed and millet, as well as cassava and sorghum.In the light of the development the exchange has invited commodity brokers and warehouse and assaying firms to partner with it in the areas of dealership and warehousing..."The Nigerian SEC should take note of the success deregulation has brought the derivatives industry in India .Broader based competition and demutualisation is needed in the exchange industry as a whole,private industry should be encouraged to step in and begin the process of establishing more regional exchanges in markets across the board. Whither the Aba stock exchange, Ibaden Cocoa exchange, Abakaliki Yam exchange et. al ?