Modupe Gbadeyanka
By Modupe Gbadeyanka
With activities for the trading year in full gear, the 8th Naira-settled OTC FX Futures contract, NGUS
FEB 22 2017, with notional amount $266.17mm, matured and settled on FMDQ, on Wednesday, February 22, 2017.
The contract, which stopped trading on Tuesday, February 14, 2017, was valued against the Nigerian Inter-Bank Foreign Exchange Fixing (NIFEX) Spot rate as published by FMDQ on February 22, 2017.
This brings the total value of contracts so far matured on the OTC Exchange to $2.07 billion, and circa $6.00 billion worth of OTC FX Futures contracts traded so far.
With the recently published FX Policy actions by the Central Bank of Nigeria (CBN), it is expected that more vibrancy will be ignited in the FX market.
The CBN, having shown its support for the OTC FX Futures product as evidenced during its launch on
FMDQ’s platform, remains the pioneer and sole seller of the OTC FX Futures contracts.
It has introduced a new contract, NGUS FEB 28 2018, for $1.00bn at $/₦291.25 to replace the just matured NGUS FEB 22 2017 contract, as well as repriced its quotes on the existing 1- to 11-month contracts.
These quotes are available on FMDQ’s website, https://www.fmdqotc.com.
