…Begins repositioning process
By Emma Ujah, Abuja Bureau Chief
The Central Bank of Nigeria (CBN) and is to invest a fresh N50 billion in the Nigerian Commodity Exchange (NCX), Abuja.
The Governor of the CBN, Mr. Godwin Emefiele, disclosed this , Thursday at the Inaugural Meeting of the Steering Committee, set up to reposition the exchange.
He said that the investment would be made through the Infrastructure Corporation (Infraco) in collaboration with other investors such as the Nigeria Sovereign Wealth Authiority (NSIA) and the African Finance Corporation.
The move according to the CBN boss was to make the exchange functional in order to halt the arbitrage by middlemen, under whom Nigerian farmers have suffered for decades.
Briefing journalists at the end of the meeting, the CBN Governor, Mr. Godwin Emefiele also said it will ramp up interventions to aid the economy exit recession at most in the first quarter 2021.
The CBN Governor also revealed at date over N500bn has been injected into the economy via the Anchor Borrowers programme (ABP).
He also said the CBN is working at attracting between $10bn to $15bn diaspora remittances annually thus any international money transfer operator subverting the process will be sanctioned.
He also said local importers who stash forex abroad and deny the country of the much-needed forex resources will be blacklisted.
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As analysts point to dangers, proffer solutions
At the backdrop of the recent bullish (trend in the) stock market, just six companies listed on the Nigerian Stock Exchange, NSE, now account for 71 percent of the market size, while a set of 15 accounts for about 90 percent of the market.
The total number of companies on the NSE as at last weekend is 165 with 150 of them confined to the little fragments of the market.
The market capitalisation of the six dominating companies hit N13.722 trillion last weekend while the total market capitalization peaked at N19.236 trillion.
The NSE market capitalisation of the equities refers to the total value of the equities of all the 165 companies listed on the Exchange.