Economy

COVID-19: CSCS Goes Fully Digital, Begins Remote Operations

Published

6 years ago

27/03/2020

By Modupe Gbadeyanka

The Central Securities Clearing System (CSCS) Plc has activated its business continuity plan and has gone fully digital in order to serve financial market better in a period the coronavirus (COVID-19) is ravaging the global economy.

CSCS, in a message to all its participants and partners, exchanges, brokerage firms, custodians and registrars, said it was leveraging its digital channels to meet all requests at this period, as it joins global institutions in the campaign for social distancing.

Notably, the X-alert, an SMS sent by CSCS on all transactions carried out on the Nigerian Stock Exchange (NSE) is also being used to educate investors on the need for social distancing and safety precautions against the coronavirus (COVID-19), with hashtags such as #StaySafe, #WashHandsAlways, #SocialDistancing and #WeAreDigital.

As a part of its strategy of dealing with the pandemic, CSCS has since suspended all business travels and temporarily physical meetings, including its internal sessions, thus leveraging digital technologies such as Zoom, Webex, audio conference calls amongst others.

Members of staff have been enjoined to remain alert to credible news and strictly follow all relevant directives and guidance from the state and federal governments as well as local and global health authorities such as the National Centre for Disease Control, Ministry of Health and World Health Organization etc.

The company said whilst any staff, who may have returned or come in contact with a returnee from any of the countries with more than 50 incidences in the past 14 days have been asked to self-isolate, staff are also enjoined to quickly contact relevant health authorities in the event that they observe any indicative symptoms.

According to the Chief Executive Officer of CSCS Plc, Mr Haruna Jalo-Waziri, “As the Financial Market Infrastructure for the Nigerian Capital Market, we are fully committed to efficient delivery on all our services, as we work with all stakeholders to reinforce the resilience and liquidity of the Nigerian capital market, even at this globally challenging period.

“Having activated our business continuity plan, which has long been envisaged as a part of our crisis management framework, we are fully operational, even as a notable percentage of our staff have been empowered to work remotely from home.

“More importantly is our campaign on social distancing, better hygiene practice and other precautions against the contagious spread of COVID-19, as the safety of everyone is paramount to us, just as we have activated all relevant measures to ensure the safety of all depository assets.”

While assuring its stakeholders of the availability of its services running seamlessly, Mr Jalo-Waziri noted that CSCS had implemented earlier protocols including the daily internal sensitization on preventive tips to all staff along with situational updates on COVID-19 incident reports and management; increased hygiene measures through deep and more frequent cleaning of its offices, provision of sanitizing gels to staff and promotion of recommended personal hygiene practices.

“We thank you for your understanding as we all rise up to stem the spread of this virus and adapt to new challenges arising from the pandemic. Our focus is on helping you and ensuring continuity of our services as a financial market infrastructure.

“We are committed to our core values of SECURE and will continue to keep you updated as we jointly navigate these times. Please stay safe,” Mr Jalo-Waziri concluded.

Whilst it is campaigning social distancing by suspending services to walk-in clients, who are enjoined to use the digital channels, including customer contact centre lines (070 CALL CSCS – 070022552727 or 01 448 0500), chat platforms, web portals, social media, Mobile Apps and Data Exchange platforms amongst others, CSCS’ client service and broader support to the efficient functioning of the capital market, remains strong and active as always.

Economy

FG, States, LGs Share N1.928trn From November 2025 Revenue

Published

2 hours ago

16/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The federal government, states and the Local Government Councils have received a sum of N1.928 trillion from the revenue generated in November 2025 by the federation.

According to a statement by the Federation Account Allocation Committee (FAAC), the earnings were shared at the December 2025 FAAC meeting held in Abuja, where the total distributable revenue comprised statutory revenue of N1.403 trillion, Value Added Tax (VAT) revenue of N485.838 billion, and Electronic Money Transfer Levy (EMTL) revenue of N39.646 billion.

It was disclosed that total gross revenue of N2.343 trillion was available in the month of November 2025, with N84.251 billion deducted for cost of collection and N330.625 billion for total transfers, interventions, refunds and savings.

FAAC stated that gross statutory revenue of N1.736 trillion was received for the month of November 2025, lower than the N2.164 trillion received in the month of October 2025 by N427.969 billion.

Gross revenue of N563. 042 billion was available from VAT in November 2025, lower than the N719.827 billion available in the month of October 2025 by N156.785 billion.

In November 2025, Excise Duty increased moderately while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), CIT on Upstream Activities, Companies Income Tax (CIT), CGT and SDT, Oil & Gas Royalties, Import Duty, CET Levies, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Fees recorded substantial decreases.

From the N1.928 trillion total distributable revenue, the federal government got N747.159 billion, the state governments received N601.731 billion, and the local councils shared N445.266 billion, while N134.355 billion was given to benefiting states as 13 per cent of mineral derivation.

On the N1.403 trillion distributable statutory revenue, the national government received N668.336 billion, the 36 states got N338.989 billion, and the LGAs received N261.346 billion, and N134.355 billion shared as 13 per cent of mineral revenue.

In addition, from the N485.838 billion distributable VAT revenue, the central government got N72.876 billion, the state governments shared N242.919 billion, and the local councils shared N170.043 billion.

Further, N5.947 billion was taken by the federal government from the N39.646 billion EMTL, the states shared N19.823 billion, and the councils received N13.876 billion.

Economy

Golden Capital, FrieslandCampina Trigger 0.04% Loss at NASD OTC Exchange

Published

4 hours ago

16/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The duo of Golden Capital Plc and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Monday, December 15.

This pulled down the NASD Unlisted Security Index (NSI) by 1.37 points to 3,599.06 points from last Friday’s 3,600.43 points and the market capitalisation lost N820 million to close at N2.153 billion compared with the preceding session’s N2.154 trillion.

Golden Capital Plc depleted by 94 Kobo to end at N8.51 per share compared with N9.45 per share and FrieslandCampina Wamco Nigeria Plc depreciated by 63 Kobo to sell at N59.60 per unit versus N60.23 per unit.

During the session, the volume of securities traded at the session slumped by 98.4 per cent to 600,402 units from 37.4 million units, the value of securities fell by 99.8 per cent to N7.8 million from N4.9 billion, and the number of deals shed 36.4 per cent to 21 deals from 33 deals.

At the close of trades, Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.3 million, and Impresit Bakolori Plc with 537.0 million units traded for N524.9 million.

Economy

Naira Appreciates to N1,451/$1 at Official Market

Published

4 hours ago

16/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira opened the week positive as it appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 15 by N2.68 or 0.18 per cent to close at N1,451.82/$1 compared with the preceding session’s N1,454.50/$1.

The local currency also saw a positive movement against the Pound Sterling in the official market yesterday as it gained N2.17 to close at N1,943.98/£1 compared with last Friday’s N1,946.15/£1 and added 72 Kobo on the Euro to close at N1,705.74/€1 versus the previous session’s closing price of N1,706.46/€1.

At the GTBank FX counter, the Naira improved its value against the greenback by N3 to settle at N1,460/$1 versus N1,463/$1 but depreciated in the parallel market by N5 to sell for N1,475/$1 compared with the preceding session’s N1,470/$1.

The appreciation of the local currency in the other segments came even as foreign exchange inflows through the Nigerian Foreign Exchange Market declined to $716.3 million from $844.7 million in the preceding week, according to a report by the Coronation Merchant Bank Research Department.

Also, foreign exchange market reforms continue to lead to positive outcomes with Nigeria recording expanding merchandise trade and a steady build-up of its trade surplus in the last six years.

Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday.

The bureau stated that the figure represents a decrease of 1.6 percentage points month-on-month and marks a significant moderation compared to the same period last year.

Meanwhile, the cryptocurrency market weakened as investors pulled back ahead of key US economic data extending losses as year-end caution builds.

Broader indicators suggest the market is entering a deeper corrective phase ahead of Tuesday’s November US jobs report, which is expected to show a cooling labour market.

Ethereum (ETH) slumped by 5.9 per cent to $2,941.92, Ripple (XRP) depreciated by 5.3 per cent to $1.89, Cardano (ADA) declined by 4.9 per cent to $0.3839, and Dogecoin (DOGE) dropped 4.8 per cent to $0.1299.

Further, Litecoin (LTC) went down by 1.9 per cent to $77.63, Solana (SOL) decreased by 3.7 per cent to $127.11, Bitcoin (BTC) lost 3.5 per cent to sell at $86,436.88, and Binance Coin (BNB) fell by 2.7 per cent to $863.78, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.