By Dipo Olowookere
On Wednesday, February 27, 2019 the 32nd OTC FX futures contract matured and settles on the FMDQ OTC Securities platform.
The NGUS FEB 27 2019 futures contract worth $563.55 million was settled by the Central Bank of Nigeria (CBN).
Business Post reports that this maturity brings the total value of matured Naira-settled OTC FX Futures contracts on FMDQ, since the inception of the market in June 2016, to about $14.34 billion.
As it stands, this is bringing the total amount of OTC FX Futures contracts traded so far on the platform to $20.05 billion.
The matured contract NGUS FEB 27 2019 was valued for settlement against the FMDQ reference Spot FX rate, the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) published on February 27, 2018.
Currency futures, also called forex futures or foreign exchange futures, are exchange-traded futures contracts to buy or sell a specified amount of a particular currency at a set price and date in the future.
