Finally, CBN Gets Buhari’s Approval To Restructure Nigeria’s Commodities Exchange
The Central Bank of Nigeria has secured the approval of President Muhammadu Buhari to restructure the Nigerian Commodity Exchange.
The CBN Governor, Mr Godwin Emefiele said this at the end of the two day Monetary Policy Committee meeting held at the apex bank’s headquarters in Abuja.
He said the CBN can no longer sit back and watch unscrupulous commodity merchants hoard commodities and force the prices of commodities to be high.
For over 18 years of existence, the Exchange had been beset by a myriad of challenges including poor funding, poor stakeholder buy-in particularly government agencies, lack of enabling legal and regulatory framework and a host of others.
The apex bank boss said that with its 60 per cent ownership in the Nigerian Commodity Exchange, the bank would do all it could to reposition the exchange to ensure that Nigerian buys products at reduced prices.
He said the bank would be coming up with a blueprint soon to restructure the Exchange for effective performance.
He said, “We have written to the President and received the approval of the President to restructure the commodities exchange and we will come up with the blueprint to restructure it and we will do it in a manner that would make us bring down prices. The CBN owns 60 per cent of the NCX and we will take it and run it effectively.”