By Dipo Olowookere
Information reaching us indicates that on Wednesday, February 28, 2018, the 20th OTC FX Futures contract, NGUS FEB 28 2018, with notional amount $353.26 million, matured and settled on the FMDQ OTC Securities Exchange (FMDQ) platform.
This maturity brings the total value of matured Naira-settled OTC FX Futures contracts on FMDQ since inception of the market in June 2016 to roughly $8.03 billion.
In line with the guidelines stipulated in the FMDQ OTC FX Futures Market Operational Standards, the NGUS FEB 28 2018 contract stopped trading eight days before its maturity and was valued against the NAFEX–the Nigerian Autonomous Foreign Exchange Fixing–the FMDQ reference spot FX rate published on Wednesday, February 28, 2018.
The associated clearing/settlement activities were effected accordingly, in line with the standards. The Central Bank of Nigeria (CBN) as observed over the last 19 maturities, introduced a new contract, NGUS FEB 27 2019 for $1 billion at $/N362.09 to replace the matured contract.
The apex bank also refreshed its quotes on the existing one to 11-month contracts.
