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FMDQ Announces Maturity of 26th OTC FX Futures Contract

By Modupe Gbadeyanka

On Wednesday, August 29, 2018, the 26th OTC FX Futures contract, NGUS AUG 29 2018, with contract amount of $349.44 million, matured and settled on FMDQ.

According to FMDQ OTC Exchange, this maturity brings the total value of matured Naira-settled OTC FX Futures contracts on the platform, since the inception of the market in June 2016, to about $11.02 billion.

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Business Post reports that the total value of the OTC FX Futures contracts traded so far is about $14.99 billion.

The contract, which stopped trading on August 21, 2018, was valued for settlement against the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), the FMDQ reference Spot FX rate published same day.

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The associated clearing/settlement activities were effected accordingly.

The Central Bank of Nigeria, as observed over the last 25 maturities, introduced a new contract, NGUS AUG 21 2019, for $1 billion at $/N364.40 to replace the matured contract.

The apex bank also refreshed its quotes on the existing 1 to 11-month contracts.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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