The Nigerian Stock Exchange (NSE) will sustain its ongoing remote trading despite a 14-day restriction of movement in Lagos, Ogun and the Federal Capital Territory, Abuja (FCT) aimed at stemming the spread of coronavirus (COVID-19) in the country.
The Federal Government on Sunday announced restriction of all movements in Lagos and Ogun States as well as the FCT for an initial period of 14 days effective 11pm on March 30, 2020.
But Zainab Ahmed, minister of finance, budget and national planning, and Godwin Emefiele, CBN governor, in a joint statement on Monday assured Nigerians that the financial sector would continue to perform skeletal services during the two-week lockdown.
They said exemptions have been obtained from the president to allow very skeletal operations in the financial system and money markets and that all relevant staff of affected outfits and agencies should look out for further instructions from their immediate bosses.
“To ensure that Nigerians can still perform online transactions and use ATMs whilst observing these restrictions, we will like to inform the general public and all affected stakeholders that we have obtained exemptions from the president to allow very skeletal operations in the financial system and money markets in order to keep the system in light operations during this time,” they said in the statement.
In line with the presidential approval, the NSE said it would sustain its remote trading activities at normal hours and days, in line with the guidance provided by the World Federation of Exchanges (WFEs).
Since the outbreak of the coronavirus 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.
“The ability of our financial and money markets to continue to operate during this crisis is testament to a well-functioning economy,” said Oscar Onyema, CEO of the NSE.
To comply with government directive, the NSE has activated the second phase of its business continuity plan that will see its essential staff move into a secured accommodation close to the NSE 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,” Onyema said.
He said while the NSE hopes for a quick end to the pandemic, it encourages 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,” Onyema said.
“Once again, we assure all our stakeholders that The Exchange is open for business remotely. Should you need to engage with us on any matter, please reach out to us via e-mail, X-Issuer, X-Boss, X-Whistle, telephone, our website or any of our other digital and social platforms,” he said.
To maintain the integrity of the stock market and in order for Nigeria to continue to stimulate economic growth, the bourse activated its business continuity plan on March 23, 2020.
Through this activation, NSE has continued trading during normal hours and days by providing remote trading access for Dealing Member Firms through FIX Protocol and Virtual Private Network (VPN) platforms; commenced remote working for its non-essential staff nationwide; closed its trading floors nationwide; maintained continuous flow of relevant market information to enable stakeholders make informed investment decisions; and engaged with government to address market issues raised by COVID-19.
Iheanyi Nwachukwu & OLUFIKAYO OWOEYE
