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CBN sets up committee to revamp Nigeria Commodity Exchange

The Central Bank of Nigeria has inaugurated a steering committee to revamp the moribund Nigeria Commodity Exchange.

The Governor of the apex Bank, Mr. Godwin Emefiele said this became imperative to maximize the gains of increased Agricultural output supported by its various intervention programs in the sector.

He expressed regret that the absence of a functional commodity exchange had posed a great challenge to the development of Agricultural value chain.

He also identified other challenges to include limited storage and preservation facilities, lack of adequate liquidity to support off-take of agricultural goods, unavailability of pricing information to market participants and activities of middlemen who currently aggregate commodities with the sole aim of manipulating prices for selfish gains.

Mr. Emefiele said the CBN had got approval from President Muhammadu Buhari to resuscitate the Commodity Exchange to address the identified challenges and called on the members of the committee to do their best in its effort to transform the Agric sector to contribute more to the economy.

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