The Central Bank of Nigeria, CBN, is planning to invest N50m in the restructuring of the Nigeria Commodity Exchange (NCX) through the Infraco structure.
This was the crux of the discussion the apex bank had with other stakeholders at the inaugural meeting of the Steering Committee on repositioning of the Nigeria Commodity Exchange (NCX) on Thursday.
The CBN Governor, Godwin Emefiele, said he had received a presidential approval to stop current plan to privatize the Nigeria Commodity Exchange (NCX).
The apex bank in a statement after the meeting its was collaborating with Nigeria Sovereign Investment Authority (NSIA) and Africa Finance Corporation (AFC), under the Infraco Structure to develop and implement a strategic repositioning plan for the NCX to make it world class Commodity exchange.
To achieve this, a Steering Committee (SteerCo) chaired by the CBN Governor to include representatives from NSIA and AFC, Federal Ministries of Finance, Budget and National Planning; Industry, Trade and Investment; and Agriculture and Rural Development was formed to oversee implementation plan.
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The financial regulator said it had revalidated its 59.7 per cent majority shareholding stake in NCX, giving it the responsibility to reconstitute NCX’s Board, Board Committees and appoint a Chairman.
The CBN added that it was planning to engage Nigeria Postal Service on possible utilisation of its assets to develop model warehouses across the federation.
“SteerCo may co-opt any other Ministry, Department and Agency of government to ensure effective implementation of the Strategic Turnaround Plan,” the bank said.
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