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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Africa»COVID-19: Nigerian Stock Exchange suspends trading on the floor; remote trading to continue
    Nigerian Stock Exchange

    COVID-19: Nigerian Stock Exchange suspends trading on the floor; remote trading to continue

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    By Staff Writer on March 24, 2020 Africa

    Following the increase in the number of the coronavirus (COVID-19) cases, the Nigerian Stock Exchange announced that effective Wednesday, March 25 , 2020 all its trading floors will be temporarily closed.

    The exchange however said that remote trading will continue and its staff would be available through all our digital platforms to provide support.

    It also said that it has activated a 30-day remote working plan for its employees excluding essential staff.

    According to the CEO of the exchange, Oscar Onyema in the press release,

    “Dealing members are, therefore, encouraged to continue to trade remotely via our electronic platforms such as FIX protocol and XNET, and reach out to their Compliance Officer if any support is required. Please note that we will provide manual support to members without remote access during this period. 

    Issuers who have any business to conduct with The Exchange can reach out to their Relationship Manager for guidance. You should continue to submit all regulatory filings via Issuers’ Portal (X-Issuer). As The Exchange embraces social distancing as prescribed by Nigeria Centre for Disease Control (NCDC), we have further engaged with the Federal Government on issues of Annual General Meetings, maturing financial instruments, financial reporting, to mention a few and appropriate updates will be provided in due course.

    Furthermore, all physical meetings within and outside our office premises have been suspended until further notice. We have instructed our employees to leverage technological tools to conduct meetings virtually. We assure you that our virtual lines of communication will remain open to engage with you and attend to your needs.”

    Yesterday, the New York Stock Exchange also closed its trading floor to protect employees and stop the spread of COVID-19. This is the first time in the exchange’s 228-year history. It took the  decision to shut its trading floor and move all trading operations online indefinitely, after two staffers affiliated with the floor tested positive for COVID-19.

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