Modupe Gbadeyanka
On Wednesday, May 29, 2019, the 35th OTC FX Futures contract, NGUS MAY 29 2019, with value of $938.89 million, matured on the FMDQ platform.
According to the FMDQ, this maturity brings the total value of matured Naira-settled OTC FX Futures contracts on the trading platform to $16.21 billion since the inception of the market in June 2016.
It was further disclosed by the FMDQ in a monthly newsletter obtained by Business Post that the total amount of OTC FX Futures contracts traded so far is now $24.43 billion.
The matured contract was valued for settlement against the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), which the FMDQ reference Spot FX rate published same day, with the associated clearing/settlement activities effected accordingly.
Meanwhile, a new contract, NGUS MAY 27 2020, for $1.00 billion at N362.28/$, has been introduced to the market by the Central Bank of Nigeria (CBN) to replace the matured contract.
It was disclosed that in addition to this, the central bank has refreshed its quotes on the existing one to 11-month contracts, which are published daily on FMDQ’s website.
