Economy

CoVID-19 lockdown: NSE to sustain remote trading

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The Nigerian Stock Exchange (NSE) has assured investors of seamless trading during the 14 days lockdown to stem the spread of coronavirus in the country.

The exchange gave the assurance  in a statement issued in Lagos by Mr Olumide Orojimi, Head, Corporate Communications.

Orojimi said the exchange would sustain remote trading activities at normal hours and days in line with the guidance provided by the World Federation of Exchanges.

The Nigeria News Agency reports that the Federal Government has announced restriction of all movements in Lagos and Ogun States as well Abuja for an initial period of 14 days.

He noted that the exchange was very supportive of the steps aimed at flattening the rising curve of COVID-19 cases in Nigeria.

“Since the outbreak of this pandemic, financial markets, particularly the capital markets around the world, have seen levels of volatility that are only comparable to the global financial crisis of 2007/2008.

“To maintain the integrity of our market and in order for us to continue to stimulate economic growth, we activated our business continuity plan on March 23.

“Through this activation, we have: continued trading during normal hours and days by providing remote trading access for Dealing Member Firms.

“The ability of our financial and money markets to continue to operate during this crisis is a testament to a well-functioning economy,” he said.

Orojimi said that the Minister of Finance and the Governor of the Central Bank of Nigeria had received presidential approval to include the financial system and money markets in the list of exempted services from the lockdown.

“Given this new pronouncement, we will sustain our remote trading activities at normal hours and days, in line with the guidance provided by the World Federation of Exchanges.

“To comply with government directive, we have activated the second phase of our business continuity plan that will see our essential staff move into a secured accommodation close to our offices with adequate arrangements for healthcare and other matters necessary to their wellbeing.

“Access to our offices will be restricted to these essential staff who will ensure smooth remote trading and provide remote technical support to Dealing Members.

“We will also continue to provide remote access to listed companies and issuers during this period.

“While we hope for a quick end to this pandemic, we encourage everyone to maintain precautions, take responsibility for others by observing social distancing and practicing personal hygiene.

“Most importantly, we advise that you comply with guidelines issued by relevant health agencies of government towards curtailing the spread of the virus in our beloved country,” he said.

Edited By: Oluwole Sogunle
(NAN)

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Chinyere Nwokeoma

Chinyere Nwokeoma: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

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