DECLINING OIL PRICE, COVID-19 OUTBREAK TO HAVE AN EFFECT ON NIGERIA’S CAPITAL MARKET – SEC

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The Acting Director-General of the Securities and Exchange Commission (SEC), Mary Uduk, says the worldwide decline in oil costs and the outbreak of coronavirus will have an effect on the country’s capital market.

Ms Uduk instructed the News Agency of Nigeria (NAN) on the side-line of a news conference in Abuja on Wednesday, that the impact can be international on numerous countries’ markets.

She stated, “Our capital market is international so, no matter it’s that may have an effect on another country of the world proper now will have an effect on the Nigerian Capital market, the oil, as a result of it’s one global entity.”

The performing director-general, who regretted that the nation’s 2020 funds had been threatened by the autumn within the value, stated concerted efforts had been required to deal with the difficulty.

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“This factor is in every single place and our capital market is international similar to another capital market.

You’ll recall that the opposite day in New York, they needed to shorten the interval of buying and selling due to the variety of losses.

No matter it’s that may have an effect on another country of the world proper now will have an effect on the Nigerian Capital market, the oil, the coronavirus.

It’s one international entity; it’s an international factor so it would have an effect on all of the markets.

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“In CBN now, the government has convened a convention that’s how these items are affecting the economic system of Nigeria and you already know that the budget 2020 is already severely threatened as a result of the benchmark was at N57 however now, the oil value has gone down.

It’s a severe factor, so all of us want to take a seat down and say what can we do, it isn’t only one sector, it needs to be concerted efforts by all.

Proper now as we communicate, it’s being done in CBN,” she defined.

(NAN)

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Queenta N. Duru Irukahttp://www.evergreennewsonline.com
A certified Senior Reporter/Advert Executive Evergreennewoline, Creative Writer/Graphic Designer/Political Analysts/ Entrepreneur & Fashionista

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