CBN, NSIA to Invest N50b in Nigeria Commodity Exchange

By January 30, 2021 Uncategorized

The Central Bank of Nigeria (CBN) and the Nigeria Sovereign Investment Authority (NSIA) are to invest a fresh N50 billion in the Nigerian Commodity Exchange (NCX), Abuja.

The Governor of the CBN, Mr. Godwin Emefiele, disclosed this , this afternoon, 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 a push to make the exchange functional and halt the arbitrage of middlemen, under whom Nigerian farmers have suffered for decades.

Mr. Emefiele also announced the approval of President Muhammadu Buhari to halt the on-going privatization of the Commodity Exchange, as the process was found to have become an obstacle to the repositioning of the organization.

Source: Vanguard