$354m Settles as 9th OTC FX Futures Contract Matures on FMDQ

By Modupe Gbadeyanka

The OTC FX Futures market recorded a circa 25 percent increase in the notional amount matured in February 2017, $266.17 million, to $354.00 million, being the 9th Naira-settled OTC FX Futures contract, NGUS MAR 22 2017, which matured and settled on Wednesday, March 22, 2017, on FMDQ OTC Securities Exchange, the OTC FX Futures Exchange.

The NGUS MAR 22 2017 contract which stopped trading eight days earlier, was valued against the Nigerian Inter-Bank Foreign Exchange Fixing (NIFEX) Spot rate as published by FMDQ on March 22, 2017; and brings the total value of contracts so far matured on the OTC FX Futures Exchange to $2.42 billion, and about $6.24 billion worth of OTC FX Futures contracts traded so far.

In its usual manner, the CBN refreshed the quotes for the existing 1- to 11-month contracts and introduced a new 12-month contract, NGUS MAR 28 2018, for $1.00 billion at $/N298.50.