The Nigerian Stock Exchange has granted listed companies a 60-day grace period for the submission of their audited financial statements for the year ended December 31, 2019, which are due on Monday, March 30, 2020.

This follows the outbreak of the coronavirus and as part of the measures taken at the Exchange to reduce its business and economic impact on the activities of quoted companies and the dealing members firms.

The NSE further said in the circular that the Exchange understands that some of the internal governance, auditing and other procedures and processes of listed companies may have been disrupted by COVID-19.  During this period, there will be no sanctions for companies that are unable to file the AFS

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The African Export Import Bank is creating a 3 billion dollar credit facility to help African countries overcome the effects of the coronavirus pandemic.

In a statement, Afrexim says the Pandemic Trade Impact Mitigation Facility will help countries avoid trade payment defaults, support foreign exchange reserves and assist commodities exporters struggling with declining revenues.

In the statement, President of the Cairo-based bank, Benedict Oramah, noted that Africa is exposed on many fronts, including significant declines in tourism earnings, migrant remittances, commodity prices and disruption of manufacturing supply chains. He added that a rapid and impactful financial response is required to avert a major crisis in the continent.

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The House of Representatives has passed the Emergency Economic Stimulus Bill, 2020. The bill aims to provide temporary relief to companies and individuals from the economic consequences of the COVID-19 pandemic.

The bill especially seeks to maintain the general financial wellbeing of Nigerians pending the eradication of the pandemic and return to economic stability.

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The Central Bank of Nigeria’s Manufacturing Purchasing Managers Index (PMI) stood at 51.1 index points in March, indicating expansion in the manufacturing sector for the 36th consecutive month.

The index grew at a slower rate compared to February.

According to the report, 7 out of 14 sectors surveyed, recorded growth.

The report also showed that at 54.4 points, the production level index for the manufacturing sector grew for the 36th consecutive month in March.

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Lagos State Government has urged banks to prioritise online service following the coronavirus outbreak. Governor Babajide Sanwo-Olu of Lagos State made the call during in a press conference where he also ordered the closure of markets except those selling essential items.

The governor said banks and other financial service providers should put more efforts to online operations and urged them to let non-essential members of staff work from home.

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Amazon is teaming up with researchers funded by Microsoft co-founder Bill Gates to pick up and deliver coronavirus test kits. The Seattle Coronavirus Assessment Network or SCAN, which backed by the Bill & Melinda Gates Foundation, wants to learn how the infection spreads.

The research involves collecting nasal swabs to track the virus among residents of Seattle's King County in Washington.

The Bill & Melinda Gates Foundation, along with research charity Wellcome and Mastercard's Impact Charity, have committed 125 million dollars in funding to develop treatments for the coronavirus.

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U.S. index futures and European stocks have rallied alongside Asian shares on Tuesday as investors rediscovered a measure of risk appetite as global equities hit their lowest level since 2016. Contracts on the S&P 500, Nasdaq 100 and Dow Jones Industrial Average all jumped more than 5% to hit their upper trading curbs. The Stoxx Europe 600 Index also surged, led by energy companies and miners. Benchmarks in Tokyo, Hong Kong, and Sydney all climbed at least 3% while Korean shares soared almost 9% as the government announced measures to stabilize financial markets amid the coronavirus pandemic.

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The United Nations Economic Commission for Africa says the continent needs an immediate emergency economic stimulus of 100 billion dollars to combat the impact of coronavirus. The Commission says almost half of the amount could come from waiving interest payments for countries on the continent.

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Ethiopia is seeking debt relief and emergency budgetary support for African countries to boost their response to the coronavirus outbreak. In its three-point submission to the G20 group of countries, Ethiopia is proposing a 150-billion-dollar emergency health financing and budgetary support from the World Bank.

Ethiopia is also seeking support from the World Health Organization to strengthen public health delivery and emergency preparedness in Africa.

In seeking debt relief, Ethiopia says Africa’s ability to cushion its firms and workers from the impact of the pandemic is constrained by its debt burden.

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In Kenya, traders said the shilling edged down against the dollar on Tuesday and the spread between offers and bids continued to widen due to extreme market volatility.

Commercial banks quoted the shilling at between 106 shillings, 60 cents and and107 shillings, 20 cents per dollar, compared with Monday’s close of 106 shillings, 40 cents and 106 shillings, 60 cents.

Traders said the central bank’s decision to slash rates and reduce the cash reserve ratio for banks could both support and work against the shilling.

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