Mary Uduk Bemoans The Effect Of Coronavirus On The Capital Market
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Mary Uduk Bemoans The Effect Of Coronavirus On The Capital Market

Eludoyin Oluwanisola

Acting Director-General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has lamented on the effect of the coronavirus on Nigeria's capital market.

She said at a news conference in Abuja on Wednesday that the virus is affecting the oil sector, adding that "it is a global thing so it will affect all the markets."

According to the director-general, the country's capital market is also global and the fall in the price of oil will affect the 2020 budget.

Calling for joint efforts, she said, “In CBN now, the government has convened a conference that is looking at how these things are affecting the economy of Nigeria and you know that the budget 2020 is already seriously threatened because the benchmark was at N57 but now, oil price has gone down.

“It is a serious thing, so all of us need to sit down and say what can we do, it is not just one sector, it has to be concerted efforts by all.

“Right now as we speak, it is being done in CBN.”

She also added that "whatever it is that will affect any other country of the world right now will affect the Nigerian Capital market."

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