Coronavirus: Nigerian Stock Exchange suspends trading activity

The Nigerian Stock Exchange (NSE) on Monday March 23, announced that it will be suspending trading activities over increased cases of coronavirus in the country.

According to the NSE, all its trading floors will be temporarily closed from Wednesday March 25, while remote trading will continue. NSE staff will begin a 30-day remote working plan and will be available across all digital platforms to provide support.

All physical meetings within and outside the agency’s office premises have been suspended until further notice. Dealing members were asked to continue trading remotely through its electronic platforms such as Fix protocol and Xnet and reach out to their compliance officers if any support is required.

The statement reads;

Earlier today, we activated a remote working plan for our employees excluding essential staff effective March 24, 2020; and the temporary closure of all our trading floors effective March 25, 2020, for a period of 30 days. #COVID19

Please note that there will be no disruptions to trading throughout this 30-day period as trading will be carried out remotely on all trading days during the normal trading hours. Furthermore, NSE staff will be available through all our digital platforms to provide support.

We have kept abreast of recent developments; sustained trading activities and prioritized the health and wellbeing of our stakeholders.

While we have taken precautionary measures through thermal checks for all entrants; provision of sanitizers; and minimized access into our premises, the situation has, however, escalated. We must act in the best interest of our stakeholders and our society.

That said, we remain committed to providing an efficient market that gives investors access to liquidity even in trying times like this. We reassure you that we have put measures in place to ensure seamless operations and trading activities throughout this period.

Dealing members will be able to trade remotely via our electronic platforms: FIX protocol and XNET. For members who do not have remote access, we will provide manual support during this period.

In addition, Issuers who have business to conduct with The Exchange can leverage technology to access their Relationship Manager for guidance. All regulatory filings will also be submitted via Issuers’ Portal (X-Issuer).

As The Exchange embraces social distancing as prescribed by @NCDCgov , we have further engaged with the Federal Government on issues of Annual General Meetings, maturing financial instruments, financial reporting, etc., and appropriate updates will be provided in due course.

While all physical meetings within and outside our premises are suspended, our virtual lines of communication will remain open to all stakeholders. Please contact us via e-mail, mobile phone or other digital channels if you have questions, comments, or issues in this regard.

We understand that these are trying times, but we are committed to ensuring there are no disruptions to our services. As we navigate this new reality, we encourage you to follow our various communication channels for relevant updates. Thank you for your unwavering support.