By Modupe Gbadeyanka
On Wednesday, May 30, 2018, with the consistent support provided by the Central Bank of Nigeria (CBN), another OTC FX Futures contract, the 23rd, NGUS MAY 30, 2018, successfully matured and settled at the market.
This has brought the total value of contracts so far matured and settled on FMDQ to about $9.63 billion, and a total of around $13.62 billion worth of OTC FX Futures contracts traded since product launch.
It is important to note that the Naira-settled OTC FX Futures market continues to pave the way for market participants to effectively and efficiently manage their FX risk, and by extension foster stability and liquidity in the Nigerian FX market.
Business Post reports that the NGUS MAY 30 2018 contract, which stopped trading eight days before its maturity, was valued against the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), the FMDQ reference Spot FX rate published on Wednesday, May 30, 2018.
The associated clearing/settlement activities were effected accordingly.
The CBN introduced a new contract, NGUS MAY 29 2019 for $1 billion at N363.47/$ to replace the matured contract and refreshed its quotes on the existing one to 11-month contracts.
more recommended stories
Board Seeks Shareholders’ Nod to Sell Dangote Flour for N130bn
By Dipo Olowookere The board of.
Seplat, 18 Other Equities Lift Market by 0.07%
By Modupe Gbadeyanka The equity market.
Linkage Assurance Declares N290bn Loss in 2018
By Modupe Gbadeyanka In the 2018.
Oando Improves PAT by 9.5% to N4.6bn in Q1’19
By Modupe Gbadeyanka Leading energy firm.
NBET Blames Media for Poor Investment in Power Sector
By Modupe Gbadeyanka Members of the.
CCNN Nets N3.6bn Profit as Revenue Rises 213% in Q1 2019
By Dipo Olowookere On Thursday, one.
Nigerian Breweries Woes Sink Q1 2019 Profit by 22%
By Dipo Olowookere Since the Nigerian.
Investors Oversubscribe Nigeria’s 30-Year Bond by 400%
By Dipo Olowookere On Wednesday, the.