By Modupe Gbadeyanka As\u00a0 the\u00a0 sophistication\u00a0 of\u00a0 the\u00a0 global\u00a0 financial\u00a0 markets\u00a0 remains on\u00a0 the\u00a0 rise,\u00a0 the\u00a0 need to maximise the opportunities which abound in these vis-\u00e0-vis the risks inherent becomes increasingly\u00a0 important. Hedging\u00a0 against\u00a0 risks of\u00a0 price\u00a0 movements\u00a0 in\u00a0 the\u00a0 market,\u00a0 therefore,\u00a0 remains\u00a0 strategically\u00a0 important owing to the volatile nature of currencies and the possible level of business exposures to these. Progressively, therefore, following the 1-year anniversary of the launch of the Naira-settled OTC FX Futures market in Nigeria, $657.57 million of the 13th OTC FX Futures contract, NGUS JUL 19 2017 at $\/\u20a6363.67 matured and was settled on FMDQ on Wednesday, July 19, 2017. The matured contract, which settled at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate of $\/\u20a6365.33, had, unlike the 12th contract\u00a0 in\u00a0 June\u00a0 2017,\u00a0 settled\u00a0 at\u00a0 a\u00a0 rate\u00a0 higher\u00a0 than\u00a0 the respective contract prices agreed at the point of execution of the contracts, resulting in a net payout to holders\u00a0 of\u00a0 the\u00a0 contract. The\u00a0 credibility\u00a0 of\u00a0 the\u00a0 market\u00a0 and\u00a0 its\u00a0 operational\u00a0 modalities\u00a0 are\u00a0 again highlighted; and the effectiveness in and indeed importance of risk management for the Nigerian FX market are further demonstrated. Till date,\u00a0 over\u00a0 $7.00 billion worth\u00a0 of\u00a0 contracts\u00a0 have\u00a0 so\u00a0 far\u00a0 traded\u00a0 on\u00a0 the\u00a0 FMDQ\u00a0 platform,\u00a0 with\u00a0 about $5.00 billion matured, whilst $2.00bn remain open. Undoubtedly, the resilience in maintaining this market and ensuring its viability and sustainability, have remained of paramount importance to the CBN, market participants and FMDQ. Steps and requisite infrastructure shall continually be put in place to support the FMDQ objective of making the Nigerian markets globally competitive.