By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has remained consistent in its support for the operations of the OTC FX Futures market by continuing to provide quotes for open contracts for the past 25 maturities, replacing matured contracts and actively refreshing its quotes on the existing 1-to 11-month contracts on a monthly basis.
The 25th OTC FX Futures contract, NGUS JUL 25 2018, with notional amount of $405.66 million, matured and settled on FMDQ on July 25, 2018.
This maturity brings the total value of matured Naira-settled OTC FX Futures contracts on FMDQ, since the inception of the market in June 2016, to about $10.67 billion; with a total of about $14.99 billion worth of OTC FX Futures contracts traded so far.
The matured contract was valued for settlement against the NAFEX, the Nigerian Autonomous Foreign Exchange Fixing, the FMDQ reference Spot FX rate published same day.
The associated clearing/settlement activities were effected accordingly.
A new contract NGUS JUL 24 2019 for $1 billion at $/N363.58 was introduced by the CBN to replace the matured contract and the quotes on the existing 1- to 11-month contracts were refreshed.
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