President Muhammadu Buhari has halted the planned privatisation of the Nigeria Commodity Exchange (NCX).
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, attributed the stoppage to arbitrage opportunities in the private sector arrangement, which had become an obstacle in moderating food prices in the country.
He said the federal government has rather approved an investment of at least N50 billion through the InfraCo structure to reposition the NCX.
Other approvals granted by President Buhari included that CBN, as majority shareholder of NCX, should collaborate 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 the NCX an efficient world class commodity exchange.
