CBN takes lead role to revive commodity exchange, injects N50bn CBN takes lead role to revive commodity exchange, injects N50bn
Share
THE Central Bank of Nigeria (CBN) has made public the key highlights of the Inaugural Meeting of the Steering Committee on the repositioning of the Nigeria Commodity Exchange (NCX); which results in the Bank taking a lead role in the governance of a Securities and Exchange Commission (SEC) regulated entity.
Following the approval to restructure, CBN will inject N50 billion in the sub-optimally performing state-owned institution in a new plan to make it alive to its responsibilities.
Nigeria-Press-Review January 29, 2021 to 09:52 2307 APA – Lagos (Nigeria) The Transparency International’s damning verdict on Nigeria’s anti-corruption war, ranking the country 149th on its yearly Corruption Perception Index dominates the headlines of Nigerian newspapers on Friday.
The Guardian reports that Transparency International (TI) has, again, passed a damning verdict on Nigeria’s anti-corruption war, ranking the country 149th on its yearly Corruption Perception Index (CPI) after it picked 25 points, the worst since 2013.
With the rating, Nigeria dropped three points from its last (2019) ranking when it sat 146th on the table. The 2020’s index was co-led by New Zealand and Denmark after they polled 88 points individually. They were followed by Finland, Switzerland and Singapore (a country that emerged from a stinky official corruption history under the late Lee
TODAY
January 28, 2021
Following the approval of the President, the Central Bank of Nigeria (CBN), has concluded plan to invest N50b to revamp the ailing Nigerian Commodity Exchange.
CBN Governor, Godwin Emefiele disclosed this while speaking at a meeting of critical stakeholders of the industry in Abuja on Thursday.
He said the meeting was aimed at putting in place the enabling structures and Framework that would lead to repositioning of the Exchange “into a commercially viable Platform in Nigeria for delivering efficient pricing of Nigeria’s Agric produce; among others”.
Emefiele explained that the key objective of meeting “is to brief stakeholders on Mr. President’s recent approval of a proposal to reposition the Nigeria Commodity Exchange (NCX), and thereafter discuss the modalities for repositioning the institution”.
…Begins repositioning process
By Emma Ujah, Abuja Bureau Chief
The Central Bank of Nigeria (CBN) and is to invest a fresh N50 billion in the Nigerian Commodity Exchange (NCX), Abuja.
The Governor of the CBN, Mr. Godwin Emefiele, disclosed this , Thursday at the Inaugural Meeting of the Steering Committee, set up to reposition the exchange.
He said that the investment would be made through the Infrastructure Corporation (Infraco) in collaboration with other investors such as the Nigeria Sovereign Wealth Authiority (NSIA) and the African Finance Corporation.
The move according to the CBN boss was to make the exchange functional in order to halt the arbitrage by middlemen, under whom Nigerian farmers have suffered for decades.