FGN 14 Day Restriction: NSE to Sustain Remote Trading Amidst COVID-19 Pandemic

Monday,March 30, 2020 /04:52 PM / By NSE / Header Image Credit: NSE

The Federal Government of Nigeria (FGN) hasannounced restriction of all movements in Lagos and Ogun States as well as theFederal Capital Territory, Abuja for an initial period of 14 days effective11:00 pm on March 30, 2020, to stem the spread of Coronavirus (COVID-19) inNigeria. Since the index case was reported on February 27, 2020, we now have111 cases as today March 30, 2020. Earlier, the Lagos State Government imposeda seven-day 'slow down' of non-essential services in the State, effectiveThursday, March 26, 2020.

Related Link: COVID-19: Why WeNeed to Stop Trading Now

The Nigerian Stock Exchange (NSE or The Exchange)is very supportive of these steps, which are aimed at flattening the risingcurve of COVID-19 cases in Nigeria.

Since the outbreak of this pandemic, financialmarkets, particularly the capital markets around the world have seen levels ofvolatility that are only comparable to the global financial crisis of2007/2008. To maintain the integrity of our market and in order for us tocontinue to stimulate economic growth, we activated our business continuityplan on March 23, 2020. Through this activation, we have:

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 our non-essential staff nationwide;
Closed our trading floors nationwide;
Maintained continuous flow of relevant market information to enable stakeholders to make informed investment decisions; and
Engaged with Government to address market issues raised by COVID-19

The ability of our financial and money markets tocontinue to operate during this crisis is a testament to a well-functioningeconomy. That is why the statement put out today by the Honourable Minister ofFinance, Budget and National Planning, and the Governor of Central Bank ofNigeria that they have received presidential approval to include the FinancialSystem and Money Markets in the list of exempted services from the lockdown ofLagos and Ogun States and the FCT is vital. Given this new pronouncement, wewill sustain our remote trading activities at normal hours and days, in linewith the guidance provided by the World Federation of Exchanges.

To comply with Government directive, we haveactivated the second phase of our business continuity plan that will see ouressential staff move into a secured accommodation close to our offices withadequate arrangements for healthcare and other matters necessary to theirwellbeing. Access to our offices will be restricted to these essentialstaff who will ensure smooth remote trading and provide remote technicalsupport to Dealing Members. We will also continue to provide remote access tolisted companies and issuers during this period.

While we hope for a quick end to this pandemic, weencourage everyone to maintain precautions, take responsibility for others byobserving social distancing and practicing personal hygiene. Most importantly,we advise that you comply with guidelines issued by relevant health agencies ofgovernment towards curtailing the spread of the virus in our beloved country.

Once again, we assure all our stakeholders that TheExchange is open for business remotely. Should you need to engage with us onany 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.

Together, we shall win this war against COVID-19.

Oscar N. Onyema, OON

Chief Executive Officerâ€‹

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