OTC FX Futures Contract on FMDQ Stands at $9.13bn


The total value of contracts matured and settled on FMDQ, stands at $9.13bn, with the maturity of the NGUS APR 25 2018 contract (notional amount, $660.49).  This is coming as the Central Bank of Nigeria, CBN, has relentlessly supported the operations of the Naira-settled OTC FX Futures market.

A total of c. $12.03bn worth of OTC FX Futures contracts have been traded so far.

As with the other maturities, and in line with standards stipulated in the FMDQ OTC FX Futures Market Operational Standards, the contract stopped trading eight days before its maturity and was valued against the NAFEX – the Nigerian Autonomous Foreign Exchange Fixing – the FMDQ reference Spot FX rate published on Wednesday, April 25, 2018.

The associated clearing/settlement activities were effected accordingly.

This matured contract was replaced by the CBN with a new contract, NGUS APR 24 2019 for $1 billion at $/N362.44.






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