Naira Settled Currency Futures Open Interest Report @ November 25, 2016

Image

naira-futures-open13

By Quantitative Financial Analytics

NIFEX Spot

The FMDQ NIFEX Spot gained increased by 0.36% or N1.13 to end the day at N314.875 against the previous day’s close of N313.75.

Open Interest and Volume Analysis

Open interest in currency futures increased by 0.31% from 3,614.72 to 3,625.9 following additional notional purchases of $11.18 million involving just two currency futures, NGUS DEC 21 2016($3.68m) and NGUS NOV 29 2017 ($7.5m).

Mark to Market Analysis and Attribution

Mark to Market increased by N4.52 billion or 2.23% as the estimated Mark to Market (MTM) of open interest now stands at N207.47 billion, against previous day’s Mark to Market value of N202.95 billion. The Change in MTM is attributed mostly to the increase in rate which accounted for +N4.07 billion while the new positions contributed +N0.451.

Maturities

The next futures in line on the maturity continuum is the NGUS DEC 21 2016 with current notional of $468.05 million and maturity date of December 21,2016. If this were to mature today, the short position holder will pay N15.306 billion.

Share
Related Stories
Image
24-February-2024

Consumer Goods, Banking Stocks Lift Equity Market by 0.84%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.84 per cent on Friday, lifted by bargain-hunting in the consumer goods and banking sectors. The consumer goods index went up by 4.05 per cent during the session, as the banking space increased by 0.67 per cent, while the insurance counter depreciated by 0.09 per cent, as the energy and industrial goods sectors closed flat. At the close of transactions, the All-Share Index (ASI) grew by 849.20 points to 102,088.30 points from 101,239.10 points, and the market capitalisation expanded by N464 billion to N55.861 trillion from N55.397 trillion. Business Post

Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

More Stories
Image
19-September-2018

Heritage Bank to Finance Critical Maritime Infrastructure

By Modupe Gbadeyanka Managing Director/CEO of Heritage Bank Plc, Mr Ifie Sekibo, has disclosed that the financial institution will begin to provide financing for building critical maritime infrastructures and other aspects of transport sector projects once policies driving the projects are well structured. This is expected to boost the sector, which has been neglected by stakeholders despite its potentials of being a key source of revenue for the nation. Mr Sekibo, who was one of the panellists at the day-one of the International Association of Ports and Harbours (IAPH) Africa regional conference, themed, ‘African Ports & Hinterland Connectivity’ in Abuja,

Image
19-November-2018

NSE Trades N11.5b Shares in One Week as 27 Stocks Fall

By Dipo Olowookere Last week, a total turnover of 1.3 billion shares worth N11.5 billion in 13,245 deals were traded by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.1 billion shares valued at N18.2 billion that exchanged hands the previous week in 14,372 deals. During the week, the Financial Services industry (measured by volume) led the activity chart with 890.4 million shares valued at N8.1 billion traded in 7,923 deals, contributing 69.31 percent and 70.31 percent to the total equity turnover volume and value respectively. It was followed by the Services

Image
18-January-2021

Stanbic IBTC Supports Businesses with Bouquet of Solutions

Stanbic IBTC Holdings has highlighted its array of solutions to support businesses in the country to make the most of 2021. The solutions on offer are geared towards providing access to flexible funding for small, medium and large-scale enterprises thereby addressing inadequate access to capital, exposure to international markets and inherent challenges plaguing local and international trade. The solutions also allow organisations to take advantage of joint partnerships without the risk of losing capital and benefit from medium to long term investment solutions that help businesses in maximising their resources. Over the years, Stanbic IBTC Holdings PLC has remained at

Image
15-August-2023

Don’t Mop up Dollar to Avoid Significant Losses, CBN Warns Speculators

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has warned speculators in the foreign exchange (FX) market not to convert their Naira to Dollar because the policy reforms it was planning would make them lose their investment. The acting Governor of the CBN, Mr Folashodun Shonubi, sounded this bell while speaking with newsmen after his meeting with President Bola Tinubu in Abuja on Monday. He blamed the free fall of the local currency on activities of speculators in the parallel market, which he said are not “driven by pure economic demand and supply.” Mr Shonubi said efforts are being

Image
08-March-2019

Court Sentences Lekan Shonde to Death for Wife’s Death

By Dipo Olowookere The man accused of killing his banker wife in 2016, Mr Lekan Shonde, has been sentenced to death by hanging by a Lagos State High Court sitting in the Ikeja area of the state. Justice Josephine Oyefeso, who ruled on the matter on Friday, said Mr Shonde was guilty of beating his wife, Mrs Ronke Shonde, to death at their Tiemo Crescent home in the Egbeda area of the metropolis. The judge held that the convict should be put to death by hanging for the gruesome murder of his wife, who he (Mr Shonde) accused of sleeping

Image
17-February-2021

Nano, Micro, and Small Businesses: Path to Growth with Government Services And Contracts

By Timi Olubiyi, PhD In today’s turbulent business environment, predominantly with the economic recession, inflation, and the disruptive novel coronavirus (COVID-19) pandemic, strategy becomes the main source of competitive advantage for businesses and organisations. However, for a strategy to be meaningful, a business must have a reliable and working business and organisational structure. The fundamental problem that occurs in most businesses particularly the nano, micro, and small-sized enterprises in the country is that they operate informally and how to establish a successful and profitable enterprise in a way to satisfy the common and personal interest is complicated. I am delighted

Image
18-April-2017

Military Helicopter Crashes in Maryland, One Dead

By Dipo Olowookere At least one person has been confirmed dead after a military helicopter crashed at a golf course in Maryland, USA on Monday. The UH-60 Blackhawk helicopter was said to have crashed during a routine training exercise in Leonardtown, Maryland. The UH-60 Blackhawk is used for multiple functions, including for air assault, air cavalry and aero-medical evacuation. The US Army said the small plane was conveying three crew members. One was killed, another in critical condition and the third in serious condition. The cause of the crash, which happened at Breton Bay Golf Course, is yet to be

Image
18-October-2016

UK Govt. Calls For Study Bids In Nigeria

By Dipo Olowookere The 2015 Strategic Defence and Security Review has announced a cross-government Prosperity Fund to run over the next five years. Its purpose was to promote the economic reform and development needed for growth in partner countries. Our priorities include improving the business climate, competitiveness and operation of markets, energy and financial sector reform, develop trade policy and increase the ability of partner countries to tackle corruption, it said. Also, the programme is to contribute to the reduction in poverty in recipient countries. It was also explained that these reforms are expected to create opportunities for international business,

Ad
Ad
Recent Stories
Image
26-February-2024

Global Finance Names Ecobank Best FX Bank in Nigeria

By Dipo Olowookere Ecobank Nigeria Limited has been named as the Best FX Bank under the Country & Territory Awards category for Nigeria in the 2024 Global Finance’s annual SME Bank Awards. The parent company of the lender, Ecobank Group, on its part, clinched the Best Bank for SMEs in Africa 2024 award, reflecting its unwavering commitment to meeting the specialised needs of SMEs across its diverse markets. At the award ceremony held on Tuesday, February 20, 2024, at the Glaziers Hall in London, the United Kingdom, Global Finance explained that the Nigerian subsidiary of the leading pan-African Banking Group

Image
26-February-2024

GTCO, FBN Holdings, Transcorp Close as Busiest Stocks on NGX

By Dipo Olowookere The trio of Guaranty Trust Holding Company (GTCO) Plc, FBN Holdings Plc, and Transcorp Plc ended as the busiest stocks on the Nigerian Exchange (NGX) Limited last week. They accounted for 343.584 million shares worth N9.431 billion in 5,659 deals, contributing 24.96 per cent and 29.86 per cent to the total trading volume and value, respectively Data obtained by Business Post showed that the market recorded a turnover of 1.377 billion shares worth N31.584 billion in 42,040 deals versus the 1.559 billion shares valued at N36.497 billion traded in 42,546 deals in the preceding week. Financial equities

Image
26-February-2024

Excitement as Tinubu Commissions Geometric Power Plant

By Aduragbemi Omiyale The city of Aba in Abia State is beaming with excitement as President Bola Tinubu is expected to commission the Geometric power plant today, Monday, February 26, 2024. The facility is the first integrated power plant in Nigeria. It is situated in the Osisioma Industrial area of Aba. It is expected to provide 24-hour electricity to the city and about nine of the 17 local government areas of the state. The 181-megawatt Geometric power plant cost about $800 million and was done by a former Minister of Power, Mr Barth Nnaji. Electricity from the plant will be

Image
25-February-2024

Customs to Adopt Stable FX Rate for Cargo Clearance

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has reviewed the formula for fixing foreign exchange (FX) rates for customs duties for cargo clearance after uproar over the constant changes in the rate. The apex bank asked the Nigeria Customs Service (NCS) and other related parties to adopt the closing FX rate on the date of opening Form M for the importation of goods, as the forex rate to be used for Import Duty Assessment,. This was disclosed by Mr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN in a memo on Friday in Abuja. According

Image
25-February-2024

Climate Change: Agric Experts Advocate Smart Farming Practices

By Bon Peters Agriculture experts have advocated “smart farming practices” to combat climate change, improve productivity and enhance food security in the country. They noted that if climate change challenges were not nipped in the bud, more than 52 per cent of the country’s agricultural production would be threatened by 2050. The experts under the aegis of the Society of Action in Nigeria (SCAN), in collaboration with the University of Port Harcourt, disclosed this during a workshop organized for women and youth leaders on Thursday in Port Harcourt the Rivers state capital. A Senior Lecturer in the Department of Agricultural

Image
25-February-2024

VFD Group’s Adeniyi Adenubi Mentors Next Generation of Entrepreneurs

An executive director of VFD Group, Mr Adeniyi Adenubi, has mentored some students of the the Nigerian University of Technology and Management Scholars Programme (NSP). The mentoring session was to enlighten the next generation of entrepreneurs about the complexities of building a business, highlighting the impact of partnerships, entrepreneurial spirit, and service in the world of business, with the core message being Dream and believe in your dream. The Nigerian financial and investment expert spoke about his personal journey, which is intertwined with the dynamic principles of VFD Group, which include Entrepreneurial Ethos, Ambition, Agility, Partnerships, Innovation, Courage, and Commitment.

Image
25-February-2024

Why Trade Between India and Russia is Experiencing Upward Trend—Kotwani

By Kestér Kenn Klomegâh As President of the Indian Business Alliance (IBA) and the founder of the Imperial Tailoring Co., Sammy Kotwani, offers comprehensive insights on the evolving dynamics of Indian investment prospects in the Russian Federation. He also discusses, in this interview, aspects of business challenges and roadblocks in the context of geopolitical changes and competition as well as the current economic cooperation between India and Russia. Here are the interview excerpts: How would you characterize the geopolitical changes on investment prospects for Indians in Russian Federation? Geopolitical changes have significantly influenced investment prospects for Indians in the Russian

Image
25-February-2024

ECOWAS Lifts Sanctions on Niger, Mali, Guinea

By Adedapo Adesanya The Economic Community of West African States (ECOWAS) has resolved to lift some sanctions on Niger Republic, Mali, and Guinea. The resolution was taken at the extraordinary summit on the peace, political, and security situation in the ECOWAS sub-region in Abuja on Saturday. While the regional bloc said the political and a few targeted sanctions on the Niger Republic remain, it lifted some financial and economic sanctions on Guinea and others on Mali. Following the military coup in Niger Republic on July 26, 2023, which toppled President Mohamed Bazoum, ECOWAS imposed several sanctions on the country. Now,

Image
25-February-2024

SERAP Sues Wike, Governors Over Missing N40trn Allocations

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Nigeria’s governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike, over their failure to account for the alleged missing N40 trillion federal allocations meant for local governments in the states and the FCT. The suit followed the damning revelations by former President Muhammadu Buhari who in December 2022 stated that “if the money from the federation account to the states is about N100 million, N50 million will be sent to the chairman but he will sign that he received N100 million.

Image
24-February-2024

Consumer Goods, Banking Stocks Lift Equity Market by 0.84%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.84 per cent on Friday, lifted by bargain-hunting in the consumer goods and banking sectors. The consumer goods index went up by 4.05 per cent during the session, as the banking space increased by 0.67 per cent, while the insurance counter depreciated by 0.09 per cent, as the energy and industrial goods sectors closed flat. At the close of transactions, the All-Share Index (ASI) grew by 849.20 points to 102,088.30 points from 101,239.10 points, and the market capitalisation expanded by N464 billion to N55.861 trillion from N55.397 trillion. Business Post