Africa News Bulletin

Nigeria: CBN reconstitutes executive management of Nigerian Commodity Exchange

The Central Bank of Nigeria (CBN) has eased out the Managing Director (MD) of the Nigeria Commodity Exchange (NCX) Mrs. Zaheera Baba and her Executive Management.

This followed the commencement of work by the Interim Management team led by Mr. Elenwor Ihua, a Deputy Director in the Department of Development Finance of CBN.

Ihua’s team has a mandate to temporarily oversee the operations of the Exchange and supervise an independent, transparent process to appoint a new Executive Management for the NCX that would efficiently run the organization.

CBN, which has provided about N50 billion for the restructuring of the NCX, had in January announced Deputy Governor, Financial System Stability, Mrs. Aisha Ahmad, as Chairman of the new Board of the exchange.

Two directors of the apex bank were also appointed as members of the Board. They were: Mr. Philip Yila of the Development Finance Department and Dr. Angela Sere-Ejembi of the Financial Market Department.

The CBN Governor, Mr. Godwin Emefiele, who has been driving the Anchor Borrowers Programme to raise the bar in the agricultural sector, said that the exchange would play a major role in the agribusiness sector of the economy.

He said that the restructuring of the organization was necessary in order to make it more efficient in ensuring that farmers had the right value for their commodities and to ensure food security in the nation.
The exchange was established to provide an innovative commodity trading platform that would engender shared prosperity among market actors, through quality assurance and price stability.

It was operating through four standing committees: Membership and Finance Committee, Trading Committee, Clearing House Committee and Arbitration and Vigilance Committee.

All the committees have established rules and regulations governing their operations, meet from time to time on cases relating to each of them and make recommendations to the Board for consideration and approval.

The membership of the Exchange is composed of Broker Dealer members, Dealer members, and Broker members.

Tradable commodities on the exchange include: Sorghum, sesame seed, soyabean, maize and cocoa.

Vanguard News

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