By Dipo Olowookere
The Central Bank of Nigeria (CBN) in March 2019 introduced a new Over-the-Counter (OTC) forex futures contract into the market.
This followed the maturity and settlement of the 33rd OTC FX Futures contract, NGUS MAR 27 2019, with value of $505.25 million on Wednesday, March 27, 2019.
Business Post reports that the new FX futures contract was introduced by the apex bank to replace the NGUS MAR 27 2019.
According to details obtained from the FMDQ, the new contract, NGUS MAR 25 2020, is worth $1.00 billion and was offered at N362.29 per Dollar.
The maturity and settlement of the $505.25 million NGUS MAR 27 2019 FX futures contract has brought the total value of matured Naira-settled OTC FX Futures contracts on FMDQ since its inception in June 2016 to about $14.84 billion.
According to the FMDQ, about $22.05 billion worth of OTC FX Futures contracts have so far been traded on the platform.
The matured contract was valued for settlement against the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), which is the FMDQ reference Spot FX rate.
