Tag: AFEX Commodities Exchange
The World Bank says the global agricultural markets have been less affected so far by the pandemic than industrial commodities. Prices of the main food commodities have declined by about 9 per cent since January. But disruptions to trade, distribution and supply chain raises concerns for food security. Nigeria recently gave four companies an emergency approval to import maize. Akinyinka Akintunde, Vice President; Financial Markets at AFEX Commodities Exchange joins CNBC Africa for more.
In a move to stimulate local production of maize, the Central Bank of Nigeria has issued a directive to lenders to immediately stop processing Form M documents for the importation of maize into the country. Ayodeji Balogun, CEO of Afex Commodities Exchange joins CNBC Africa for more.
AFEX Commodities Exchange says the outlook of the impact of the COVID-19 outbreak on the commodities market is two-faced, with a possibility of simultaneous shocks to production and consumption.
Nigeria’s headline inflation witnessed another uptick in November to 11.85, while food inflation rose to 14.48 per cent as the country continues to grapple with the impact of the closed land borders. Ayodeji Balogun, Country Manager for Afex Commodities Exchange joins CNBC Africa for more.
Economic performance of Nigeria’s agricultural industry