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Naira Settled Currency Futures Open Interest Report @November 1, 2016

naira-settled-currency

By Quantitative Financial Analytics

NIFEX Spot

The FMDQ NIFEX Spot decreased by N2.00 or 0.63% ending the day at a rate of N317.25. against the previous day’s rate of N319.25.

Open Interest and Volume Analysis

Open interest in currency futures increased by 0.88%, (30.52) from 3,482.36 to 3,512.88 arising from additional notional purchases that includes the new Futures that replaced the one that matured recently

Mark to Market Analysis and Attribution

The estimated Mark to Market (MTM) of open interest now stands at N201.1 billion, a decrease of 2.53%, (N5.22 billion) over previous day’s Mark to Market value of N206.32 billion. The decrease in MTM is mostly due to the rate change which contributed -N7.3 billion to the change while the additional purchases gave rise to +N2.07 billion change in MTM

Maturities

Next futures in line on the maturity continuum is the NGUS NOV 23 2016 with current notional of $394 million and maturity date of November 23,2016. If this was to mature today, the short position holder will pay N12.22 billion.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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