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By Dipo Olowookere

The year 2018 has shown a steady flow of transactions and activities in the Naira-settled OTC FX Futures market. 

The market, which was launched out of the desire to address the need for risk management in the Nigerian FX market, has continued to be an effective hedging product for investors (local and international), businesses and government institutions alike.

On Wednesday, January 30, 2019, the 31st OTC FX Futures contract, NGUS JAN 30 2019, with contract amount of $515.09 million, matured and settled on FMDQ.

The contract, which stopped trading on January 22, 2019, was valued for settlement against the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), the FMDQ reference Spot FX rate published same day.  

The associated clearing/settlement activities were effected accordingly, the FMDQ confirmed.

As observed over the last 30 maturities, the Central Bank of Nigeria (CBN) introduced a new contract, NGUS JAN 29 2020 for $1.00 billion at $/N364.65, to replace the matured contract.

The apex bank also refreshed its quotes on the existing 1 to 11-month contracts, which are published daily on FMDQ’s website.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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