Naira Settled Currency Futures Open Interest Report @ October 27, 2016

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naira-futures-open3

By Quantitative Financial Analytics

NIFEX Spot

The FMDQ NIFEX Spot increased by N0.63 or 0.2% ending the day at a rate of N318.125 against the previous day’s rate of N317.5 Source: Quantitative Financial Analytics

Open Interest and Volume Analysis

naira-futures-open4

Open interest in currency futures increased by 0.39%, (13.31) from 3,426.95 to 3,440.26 arising from additional notional purchases of  $12.6 and $0.7 million contracts of NGUS SEP 20 2017 and NGUS NOV 23 2016 respectively.

Mark to Market Analysis and Attribution

The estimated Mark to Market (MTM) of open interest now stands at N200.36 billion, an increase of 1.49%, (N2.9 billion) over previous day’s Mark to Market value of N197.4 billion. The increase in MTM is due majorly to the rate increase which contributed N1.98 billion to the change while the additional purchases gave rise to +N0.96 change in MTM

Maturities

The NGUS OCT 26 2016 matured and has been replaced with NGUS OCT 25 2017. The next futures in line on the maturity continuum is the NGUS NOV 23 2016 with current notional of $382 million and maturity date of November 23, 2016. If this was to mature today, the short position holder will pay N12.362 billion.

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