NSE Closes Trading Floors, to Operate Remotely

Goddy Egene

The Nigerian Stock Exchange (NSE) would from tomorrow close all its trading floors temporarily for 30 days as part of the measures to curtail the spread of COVID-19.

NSE Chief Exchange Officer, Mr. Oscar Onyema, disclosed this to all stakeholders last night, saying remote trading would continue while its staff would be available through all its digital platforms to provide support.

Onyema said: “Over three weeks ago, we activated precautionary health measures across our offices where we screened visitors with thermometers, provided sanitisers and minimised access into our premises. Further to this and with the significant growth in new cases, effective Tuesday (March 24), we have activated a 30-day remote working plan for our employees excluding essential staff.

“In order to give our dealing members enough notice, effective Wednesday (March 25), all our trading floors will be temporarily closed, although remote trading will continue and NSE staff will be available through all our digital platforms to provide support.

“We regret any inconvenience this may cause in the discharge of your business activities, but we must act in the best interest of all stakeholders at this time.”

He assured stakeholders that NSE had put in place measures to ensure their operations and trading activities continue seamlessly throughout the period.

He said: “As an exchange, we will ensure that all relevant information continue to flow into the market to ensure the pricing of risk assets remains transparent and reliable across asset classes to allow investors to value their portfolios and make informed investment decisions under these volatile conditions.

“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.”