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.
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