Dipo Olowookere
By Dipo Olowookere
The 34th OTC FX Futures contract, NGUS APR 24 2019, with value of $431.16 million, has matured and settled on FMDQ trading platform.
Business Post gathered that this OTC FX Futures contract matured on Wednesday April 24, 2019, and was settled by the Central Bank of Nigeria (CBN).
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 $15.28 billion.
Furthermore, this has brought the total value of OTC FX Futures contracts traded so far on the FMDQ platform to about $23.23 billion.
The matured contract was valued for settlement against the NAFEX (Nigerian Autonomous Foreign Exchange Fixing), which is the FMDQ reference Spot FX rate published same day.
It was also gathered that the associated clearing/settlement activities were effected accordingly.
Meanwhile, the apex bank, as observed over the last 33 maturities, introduced a new contract, NGUS APR 292020 for $1.00 billion at N362.41/$ to replace the matured contract.
In addition to this, Business Post learned that the central bank also refreshed its quotes on the existing one to 11-month contracts.
