CBN to restructure Nigeria Commodity Exchange in 90 days

The Central Bank of Nigeria (CBN) says it is committing N50 billion to reposition the Nigeria Commodity Exchange (NCX) within the next 90 days.

Godwin Emefiele, the CBN governor, was speaking on Thursday at an inaugural meeting of the steering committee for the repositioning of the NCX.

Emefiele said the apex bank also plans to revalidate its 59.7 percent majority shareholding in the exchange, to enable it to implement far-reaching measures, including the reconstitution of its board and committees.

“In the next 90 days, we should be able to really begin the first launch and this will involve approvals on repositioning, restructuring, setting up bureaus, board structures, board committees, governance committees,” he said.

“This meeting is aimed at putting in place the enabling structure and framework that would lead to the repositioning of the NCX into a commercially viable platform in Nigeria, for delivering efficient pricing of Nigeria’s Agricultural produce.

“The key objective is to brief stakeholders on Mr President’s recent approval of a proposal to reposition the NCX and discuss the modalities for repositioning the institution.”

He reiterated that the federal government, through the CBN, had implemented several intervention schemes in the agriculture and manufacturing sectors.

“The schemes are aimed at boosting employment generation and wealth creation, reducing our dependence on imported food items, conserving our foreign exchange earnings and spurring economic growth.

“These interventions in the agricultural sector, particularly the Anchor Borrowers’ Programme and Commodity Development Initiative, sought to strengthen key agricultural commodities’ value chains.

“They will also enable improved productivity in the agricultural sector and increase sourcing of inputs locally by stakeholders, in the manufacturing sector.”

Emefiele said the CBN will engage the Nigerian postal service to convert some of its assets to warehouses.