By Modupe Gbadeyanka
The 11th over-the-counter (OTC) foreign exchange (FX) Futures contract, NGUS MAY 24 2017, with notional amount $253.61 million matured and was settled on the FMDQ platform on Wednesday, May 24, 2017 by the Central Bank of Nigeria (CBN).
The FMDQ explained in a statement on Friday that this came after trading was ceased for eight days in advance.
FMDQ noted that this brings the total value of contracts so far matured on FMDQ, the OTC FX Futures Exchange, to $3.64 billion, with a total of about $6.92 billion worth of OTC FX Futures contracts traded so far.
The CBN has continued to support the operations of the OTC FX Futures market as part of its plan to fully resuscitate the vibrancy of the Nigerian forex market.
Meanwhile, a new 12-month contract, NGUS MAY 30 2018, for $1.00 billion at $/N396.06 has been introduced by the CBN to replace the matured contract.
The OTC FX Futures quotes are available daily on FMDQ’s website and also published daily on the FMDQ Twitter page.
“By offering new contracts to replace matured ones and actively refreshing its quotes on the existing contracts, in line with the FMDQ OTC Securities Exchange reference rate for foreign exchange activities in the recently introduced Investors’ & Exporters’ FX Window – the NAFEX, the apex bank again displays its determination to maintain market stability and create an environment conducive for foreign and Nigerian portfolio investors,” the statement said.
Dipo Olowookere 
Adedapo Adesanya