{"id":1022389,"date":"2023-07-24T11:02:33","date_gmt":"2023-07-24T11:02:33","guid":{"rendered":"https:\/\/fmdqgroup.com\/exchange\/?page_id=1022389"},"modified":"2025-03-03T14:32:35","modified_gmt":"2025-03-03T14:32:35","slug":"otc-derivatives","status":"publish","type":"page","link":"https:\/\/fmdqgroup.com\/exchange\/otc-derivatives\/","title":{"rendered":"OTC Derivatives"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1022389\" class=\"elementor elementor-1022389\">\n\t\t\t\t\t\t\t\t\t<section class=\"ob-is-breaking-bad elementor-section elementor-top-section elementor-element elementor-element-017f732 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"017f732\" data-element_type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;_ob_bbad_use_it&quot;:&quot;yes&quot;,&quot;_ob_bbad_sssic_use&quot;:&quot;no&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0834ce5\" data-id=\"0834ce5\" data-element_type=\"column\" data-settings=\"{&quot;_ob_bbad_is_stalker&quot;:&quot;no&quot;,&quot;_ob_teleporter_use&quot;:false,&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-430a9ef ob-has-background-overlay elementor-widget elementor-widget-spacer\" data-id=\"430a9ef\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_spacerat_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.2 - 04-04-2022 *\/\n.e-container.e-container--row .elementor-spacer-inner{width:var(--spacer-size)}.e-container.e-container--column .elementor-spacer-inner,.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"ob-is-breaking-bad elementor-section elementor-top-section elementor-element elementor-element-b47fce4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b47fce4\" data-element_type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;_ob_bbad_use_it&quot;:&quot;yes&quot;,&quot;_ob_bbad_sssic_use&quot;:&quot;no&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-03561b3\" data-id=\"03561b3\" data-element_type=\"column\" data-settings=\"{&quot;_ob_bbad_is_stalker&quot;:&quot;no&quot;,&quot;_ob_teleporter_use&quot;:false,&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b28ec22 ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"b28ec22\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.2 - 04-04-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<div style=\"text-align: justify;\"><h1 style=\"font-size: 20px; font-weight: 600;\"><strong>Cleared Naira-Settled Non-Deliverable Forwards (\u201c<span class=\"ui-provider cdf cdg bqx cdh cdi cdj cdk cdl cdm cdn cdo cdp cdq cdr cds cdt cdu cdv cdw cdx cdy cdz cea ceb cec ced cee cef ceg ceh cei cej cek cel cem\" dir=\"ltr\">Cleared USD\/NGN NDFs<\/span>\u201d)<\/strong><\/h1><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: 16px;\">The Cleared Naira-Settled Non-Deliverable Forwards product was introduced in 2016, with the Central Bank of Nigeria as the pioneer seller of the <span class=\"ui-provider cdf cdg bqx cdh cdi cdj cdk cdl cdm cdn cdo cdp cdq cdr cds cdt cdu cdv cdw cdx cdy cdz cea ceb cec ced cee cef ceg ceh cei cej cek cel cem\" dir=\"ltr\">Cleared USD\/NGN NDFs<\/span>\u00a0contracts. The apex bank currently offers non-standardised amounts for different tenors, <\/span><span class=\"cf0\" style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: 16px;\">from thirteen (13) months<\/span><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: 16px;\"> through to sixty (60) months to Authorised Dealers, who in turn offer same to customers with trade-backed transactions or trade same with other Authorised Dealers; settling on bespoke maturity dates.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: 16px;\">Cleared Naira-Settled Non-Deliverable Forwards are non-deliverable Forwards (i.e. contracts where parties agree to an exchange rate for a predetermined date in the future, without the obligation to deliver the underlying US Dollar (notional amount) on the maturity\/settlement date). Upon maturity, both parties are assumed to have transacted at the Spot FX market rate. <span class=\"ui-provider cdf cdg bqx cdh cdi cdj cdk cdl cdm cdn cdo cdp cdq cdr cds cdt cdu cdv cdw cdx cdy cdz cea ceb cec ced cee cef ceg ceh cei cej cek cel cem\" dir=\"ltr\">Cleared USD\/NGN NDFs<\/span> contracts are cash-settled in Naira and the differential between the contract rate and the NAFEX (Nigerian Autonomous Foreign Exchange Fixing) rate on the maturity day determines the settlement amount, i.e. the gain\/loss inherent in the contract.<\/span><\/p><p><span style=\"font-size: 16px;\">For more information on the Cleared Naira-Settled Non-Deliverable Forwards products, kindly refer to relevant documentation provided via the links in the table below:<\/span><\/p><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"ob-is-breaking-bad elementor-section elementor-top-section elementor-element elementor-element-c3ed540 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c3ed540\" data-element_type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;_ob_bbad_use_it&quot;:&quot;yes&quot;,&quot;_ob_bbad_sssic_use&quot;:&quot;no&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e9e7daa\" data-id=\"e9e7daa\" data-element_type=\"column\" data-settings=\"{&quot;_ob_bbad_is_stalker&quot;:&quot;no&quot;,&quot;_ob_teleporter_use&quot;:false,&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd994f2 ob-has-background-overlay elementor-widget elementor-widget-accordion\" data-id=\"cd994f2\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.2 - 04-04-2022 *\/\n.elementor-accordion{text-align:left}.elementor-accordion .elementor-accordion-item{border:1px solid #d4d4d4}.elementor-accordion .elementor-accordion-item+.elementor-accordion-item{border-top:none}.elementor-accordion .elementor-tab-title{margin:0;padding:15px 20px;font-weight:700;line-height:1;cursor:pointer;outline:none}.elementor-accordion .elementor-tab-title .elementor-accordion-icon{display:inline-block;width:1.5em}.elementor-accordion .elementor-tab-title .elementor-accordion-icon svg{width:1em;height:1em}.elementor-accordion .elementor-tab-title .elementor-accordion-icon.elementor-accordion-icon-right{float:right;text-align:right}.elementor-accordion .elementor-tab-title .elementor-accordion-icon.elementor-accordion-icon-left{float:left;text-align:left}.elementor-accordion .elementor-tab-title .elementor-accordion-icon .elementor-accordion-icon-closed{display:block}.elementor-accordion .elementor-tab-title .elementor-accordion-icon .elementor-accordion-icon-opened,.elementor-accordion .elementor-tab-title.elementor-active .elementor-accordion-icon-closed{display:none}.elementor-accordion .elementor-tab-title.elementor-active .elementor-accordion-icon-opened{display:block}.elementor-accordion .elementor-tab-content{display:none;padding:15px 20px;border-top:1px solid #d4d4d4}@media (max-width:767px){.elementor-accordion .elementor-tab-title{padding:12px 15px}.elementor-accordion .elementor-tab-title .elementor-accordion-icon{width:1.2em}.elementor-accordion 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wpfd-preview\"><\/i>                        <\/a>{{else}}{{#if viewerlink}}<a                            href=\"{{viewerlink}}\"                            class=\"openlink wpfdlightbox wpfd_previewlink\"                            target=\"\"                            data-id=\"{{ID}}\"                            data-catid=\"{{catid}}\"                            data-file-type=\"{{ext}}\">Preview<i class=\"zmdi zmdi-filter-center-focus wpfd-preview\"><\/i>                        <\/a>{{\/if}}{{\/if}}                <\/span>            <\/div>            {{\/each}}            <div class=\"file flex_span\" style=\"margin : 10px 10px 10px 10px;\"><\/div>        <\/div>        {{\/if}}    <\/script><div class=\"wpfd-container\">        <div class=\"wpfd-open-tree\"><\/div>    <div class=\"wpfd-container-default \">        <div class=\"wpfd-categories hide\"><div class=\"wpfd-category-desc\"><\/div><\/div>                    <div class=\"wpfd_list\">                                                        <div class=\"file\" style=\"margin : 10px 10px 10px 10px;\"                         data-id=\"1022399\"                         data-catid=\"4826\">                            <div class=\"filecontent\">                                <div class=\"ext ext-pdf wpfd-icon-set-svg\"><span class=\"txt\">pdf<\/span><\/div><h3><a href=\"https:\/\/fmdqgroup.com\/exchange\/download\/4826\/market-regulation-and-requirements\/1022399\/otc-fx-futures-market-operational-standards.pdf\"  class=\"wpfd_downloadlink\" title=\"OTC FX Futures Market Operational Standards\" target=\"\">OTC FX Futures Market Operational Standards<\/a><\/h3>                                <div class=\"file-xinfo\">                                    <div class=\"file-size\"><span>Size:<\/span> 327.02 KB<\/div>                                <\/div>                            <\/div>                            <div class=\"file-right\">                                <a class=\"downloadlink wpfd_downloadlink\"  href=\"https:\/\/fmdqgroup.com\/exchange\/download\/4826\/market-regulation-and-requirements\/1022399\/otc-fx-futures-market-operational-standards.pdf\" style=\"background-color:#cc9933;color:#ffffff;\" target=\"\">Download<i class=\"zmdi zmdi-cloud-download wpfd-download\"><\/i><\/a><a                            href=\"https:\/\/docs.google.com\/viewer?url=https%3A%2F%2Ffmdqgroup.com%2Fexchange%2Fwp-admin%2Fadmin-ajax.php%3Fjuwpfisadmin%3Dfalse%26action%3Dwpfd%26task%3Dfile.download%26wpfd_category_id%3D4826%26wpfd_file_id%3D1022399%26token%3D%26preview%3D1&#038;embedded=true\"                            class=\"openlink wpfdlightbox wpfd_previewlink\"                            target=\"\"                            data-id=\"1022399\"                            data-catid=\"4826\"                            data-file-type=\"pdf\">Preview<i class=\"zmdi zmdi-filter-center-focus wpfd-preview\"><\/i>                        <\/a>                            <\/div>   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              <\/div>                            <div class=\"file-right\">                                <a class=\"downloadlink wpfd_downloadlink\"  href=\"https:\/\/fmdqgroup.com\/exchange\/download\/4826\/market-regulation-and-requirements\/1022400\/operational-modalities-of-the-naira-settled-otc-fx-futures-market.pdf\" style=\"background-color:#cc9933;color:#ffffff;\" target=\"\">Download<i class=\"zmdi zmdi-cloud-download wpfd-download\"><\/i><\/a><a                            href=\"https:\/\/docs.google.com\/viewer?url=https%3A%2F%2Ffmdqgroup.com%2Fexchange%2Fwp-admin%2Fadmin-ajax.php%3Fjuwpfisadmin%3Dfalse%26action%3Dwpfd%26task%3Dfile.download%26wpfd_category_id%3D4826%26wpfd_file_id%3D1022400%26token%3D%26preview%3D1&#038;embedded=true\"                            class=\"openlink wpfdlightbox wpfd_previewlink\"                            target=\"\"                            data-id=\"1022400\"                            data-catid=\"4826\"                            data-file-type=\"pdf\">Preview<i class=\"zmdi zmdi-filter-center-focus wpfd-preview\"><\/i>                        <\/a>                            <\/div>                    <\/div>                                                    <div class=\"file flex_span\" style=\"margin : 10px 10px 10px 10px;\"><\/div>            <\/div>                    <\/div><\/div><\/div><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-2153\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"tab\" aria-controls=\"elementor-tab-content-2153\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" href=\"\">Framework and Methodology<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-2153\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-2153\"><p><div class=\"wpfd-content wpfd-content-default wpfd-content-multi\" data-category=\"4827\"             style=\"background-color: transparent\"><input type=\"hidden\" id=\"current_category_4827\" value=\"4827\" \/>                    <input type=\"hidden\" id=\"current_category_slug_4827\" value=\"framework-and-methodology\" \/>                    <input type=\"hidden\" id=\"current_ordering_4827\" value=\"ordering\" \/>                    <input type=\"hidden\" id=\"current_ordering_direction_4827\" value=\"asc\" \/>                    <input type=\"hidden\" id=\"page_limit_4827\" value=\"10\" \/><input type=\"hidden\" id=\"wpfd_display_empty_category_message\" value=\"0\" \/><input type=\"hidden\" id=\"wpfd_empty_category_message_val\" value=\"This file category has no files to display\" \/><input type=\"hidden\" id=\"wpfd_display_empty_folder\" value=\"0\" \/><input type=\"hidden\" id=\"wpfd_is_empty_subcategories\" value=\"1\" \/><input type=\"hidden\" id=\"wpfd_is_empty_files\" value=\"1\" \/>    <script type=\"text\/x-handlebars-template\" class=\"wpfd-template-files\">        {{#if files }}        <div class=\"wpfd_list\">            {{#each files}}            <div class=\"file\" style=\"margin : 10px 10px 10px 10px;\" data-id=\"{{ID}}\" data-catid=\"{{catid}}\">                <div class=\"filecontent\">                    {{#if file_custom_icon}}                    <div class=\"icon-custom\"><img decoding=\"async\" src=\"{{file_custom_icon}}\" \/><\/div>                    {{else}}                    <div class=\"ext ext-{{ext}} wpfd-icon-set-svg\"><span class=\"txt\">{{ext}}<\/span><\/div>   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              class=\"openlink wpfdlightbox wpfd_previewlink\"                            target=\"\"                            data-id=\"{{ID}}\"                            data-catid=\"{{catid}}\"                            data-file-type=\"{{ext}}\">Preview<i class=\"zmdi zmdi-filter-center-focus wpfd-preview\"><\/i>                        <\/a>{{\/if}}{{\/if}}                <\/span>            <\/div>            {{\/each}}            <div class=\"file flex_span\" style=\"margin : 10px 10px 10px 10px;\"><\/div>        <\/div>        {{\/if}}    <\/script><div class=\"wpfd-container\">        <div class=\"wpfd-open-tree\"><\/div>    <div class=\"wpfd-container-default \">        <div class=\"wpfd-categories hide\"><div class=\"wpfd-category-desc\"><\/div><\/div>                    <div class=\"wpfd_list\">                                                        <div class=\"file\" style=\"margin : 10px 10px 10px 10px;\"                         data-id=\"1034481\"                     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href=\"https:\/\/fmdqgroup.com\/exchange\/download\/4827\/framework-and-methodology\/1034481\/cleared-naira-settled-non-deliverable-forwards-market-close-out-methodology-2.pdf\" style=\"background-color:#cc9933;color:#ffffff;\" target=\"\">Download<i class=\"zmdi zmdi-cloud-download wpfd-download\"><\/i><\/a><a                            href=\"https:\/\/docs.google.com\/viewer?url=https%3A%2F%2Ffmdqgroup.com%2Fexchange%2Fwp-admin%2Fadmin-ajax.php%3Fjuwpfisadmin%3Dfalse%26action%3Dwpfd%26task%3Dfile.download%26wpfd_category_id%3D4827%26wpfd_file_id%3D1034481%26token%3D%26preview%3D1&#038;embedded=true\"                            class=\"openlink wpfdlightbox wpfd_previewlink\"                            target=\"\"                            data-id=\"1034481\"                            data-catid=\"4827\"                            data-file-type=\"pdf\">Preview<i class=\"zmdi zmdi-filter-center-focus wpfd-preview\"><\/i>                        <\/a>                            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           <\/div>                            <div class=\"file-right\">                                <a class=\"downloadlink wpfd_downloadlink\"  href=\"https:\/\/fmdqgroup.com\/exchange\/download\/4827\/framework-and-methodology\/1034483\/cleared-naira-settled-non-deliverable-forwards-market-framework-2.pdf\" style=\"background-color:#cc9933;color:#ffffff;\" target=\"\">Download<i class=\"zmdi zmdi-cloud-download wpfd-download\"><\/i><\/a><a                            href=\"https:\/\/docs.google.com\/viewer?url=https%3A%2F%2Ffmdqgroup.com%2Fexchange%2Fwp-admin%2Fadmin-ajax.php%3Fjuwpfisadmin%3Dfalse%26action%3Dwpfd%26task%3Dfile.download%26wpfd_category_id%3D4827%26wpfd_file_id%3D1034483%26token%3D%26preview%3D1&#038;embedded=true\"                            class=\"openlink wpfdlightbox wpfd_previewlink\"                            target=\"\"                            data-id=\"1034483\"                            data-catid=\"4827\"                            data-file-type=\"pdf\">Preview<i class=\"zmdi zmdi-filter-center-focus wpfd-preview\"><\/i>                        <\/a>                            <\/div>                    <\/div>                                                                            <div class=\"file\" style=\"margin : 10px 10px 10px 10px;\"                         data-id=\"1036995\"                         data-catid=\"4827\">                            <div class=\"filecontent\">                                <div class=\"ext ext-pdf wpfd-icon-set-svg\"><span class=\"txt\">pdf<\/span><\/div><h3><a href=\"https:\/\/fmdqgroup.com\/exchange\/download\/4827\/framework-and-methodology\/1036995\/fmdq-cleared-naira-settled-non-deliverable-forwards-closing-rate-methodology.pdf\"  class=\"wpfd_downloadlink\" title=\"FMDQ Cleared Naira-Settled Non-Deliverable Forwards Closing Rate Methodology\" target=\"\">FMDQ Cleared Naira-Settled Non-Deliverable Forwards Closing Rate Methodology<\/a><\/h3>                                <div class=\"file-xinfo\">                                    <div class=\"file-size\"><span>Size:<\/span> 366.18 KB<\/div>                                <\/div>                            <\/div>                            <div class=\"file-right\">                                <a class=\"downloadlink wpfd_downloadlink\"  href=\"https:\/\/fmdqgroup.com\/exchange\/download\/4827\/framework-and-methodology\/1036995\/fmdq-cleared-naira-settled-non-deliverable-forwards-closing-rate-methodology.pdf\" style=\"background-color:#cc9933;color:#ffffff;\" target=\"\">Download<i class=\"zmdi zmdi-cloud-download wpfd-download\"><\/i><\/a><a                            href=\"https:\/\/docs.google.com\/viewer?url=https%3A%2F%2Ffmdqgroup.com%2Fexchange%2Fwp-admin%2Fadmin-ajax.php%3Fjuwpfisadmin%3Dfalse%26action%3Dwpfd%26task%3Dfile.download%26wpfd_category_id%3D4827%26wpfd_file_id%3D1036995%26token%3D%26preview%3D1&#038;embedded=true\"                            class=\"openlink wpfdlightbox wpfd_previewlink\"                            target=\"\"                            data-id=\"1036995\"                            data-catid=\"4827\"                            data-file-type=\"pdf\">Preview<i class=\"zmdi zmdi-filter-center-focus wpfd-preview\"><\/i>                        <\/a>                            <\/div>                    <\/div>                                                    <div class=\"file flex_span\" style=\"margin : 10px 10px 10px 10px;\"><\/div>            <\/div>                    <\/div><\/div><\/div><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-2154\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"tab\" aria-controls=\"elementor-tab-content-2154\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-right\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-plus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-minus\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" href=\"\">Risk Management Documentation<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-2154\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-2154\"><p><div class=\"wpfd-content wpfd-content-default wpfd-content-multi\" data-category=\"4828\"             style=\"background-color: transparent\"><input type=\"hidden\" id=\"current_category_4828\" value=\"4828\" \/>                    <input type=\"hidden\" id=\"current_category_slug_4828\" value=\"risk-management-documentation\" \/>                    <input type=\"hidden\" id=\"current_ordering_4828\" value=\"ordering\" \/>                    <input 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src=\"{{file_custom_icon}}\" \/><\/div>                    {{else}}                    <div class=\"ext ext-{{ext}} wpfd-icon-set-svg\"><span class=\"txt\">{{ext}}<\/span><\/div>                    {{\/if}}<h3><a href=\"{{linkdownload}}\"  class=\"wpfd_downloadlink\" title=\"{{post_title}}\" target=\"{{#if remote_file}}_blank{{\/if}}\">{{{crop_title}}}<\/a><\/h3>                    <div class=\"file-xinfo\">                        <div class=\"file-size\"><span>Size:<\/span> {{bytesToSize size}}<\/div>                    <\/div>                <\/div>                <span class=\"file-right\">                    <a class=\"downloadlink wpfd_downloadlink\"  href=\"{{linkdownload}}\" style=\"background-color:#cc9933;color:#ffffff;\" target=\"{{#if remote_file}}_blank{{\/if}}\">Download<i class=\"zmdi zmdi-cloud-download wpfd-download\"><\/i><\/a>{{#if openpdflink}}<a class=\"openlink wpfdlightbox wpfd_previewlink\" href=\"{{openpdflink}}\" target=\"\">Preview                            <i class=\"zmdi zmdi-filter-center-focus wpfd-preview\"><\/i>                        <\/a>{{else}}{{#if viewerlink}}<a                            href=\"{{viewerlink}}\"                            class=\"openlink wpfdlightbox wpfd_previewlink\"                            target=\"\"                            data-id=\"{{ID}}\"                            data-catid=\"{{catid}}\"                            data-file-type=\"{{ext}}\">Preview<i class=\"zmdi zmdi-filter-center-focus wpfd-preview\"><\/i>                        <\/a>{{\/if}}{{\/if}}                <\/span>            <\/div>            {{\/each}}            <div class=\"file flex_span\" style=\"margin : 10px 10px 10px 10px;\"><\/div>        <\/div>        {{\/if}}    <\/script><div class=\"wpfd-container\">        <div class=\"wpfd-open-tree\"><\/div>    <div class=\"wpfd-container-default \">        <div class=\"wpfd-categories hide\"><div class=\"wpfd-category-desc\"><\/div><\/div>                    <div class=\"wpfd_list\">                                                        <div class=\"file\" style=\"margin : 10px 10px 10px 10px;\"                         data-id=\"1022403\"                         data-catid=\"4828\">                            <div class=\"filecontent\">                                <div class=\"ext ext-pdf wpfd-icon-set-svg\"><span class=\"txt\">pdf<\/span><\/div><h3><a href=\"https:\/\/fmdqgroup.com\/exchange\/download\/4828\/risk-management-documentation\/1022403\/initial-margin-rates-for-naira-settled-otc-fx-futures-contracts-2.pdf\"  class=\"wpfd_downloadlink\" title=\"Initial-Margin-Rates-for-Naira-settled-OTC-FX-Futures-Contracts\" target=\"\">Initial-Margin-Rates-for-Naira-settled-OTC-FX-Futures-Contracts<\/a><\/h3>                                <div class=\"file-xinfo\">                                    <div class=\"file-size\"><span>Size:<\/span> 116.27 KB<\/div>                                <\/div>                            <\/div>            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    <div class=\"file-size\"><span>Size:<\/span> 156.29 KB<\/div>                                <\/div>                            <\/div>                            <div class=\"file-right\">                                <a class=\"downloadlink wpfd_downloadlink\"  href=\"https:\/\/fmdqgroup.com\/exchange\/download\/4828\/risk-management-documentation\/1034215\/naira-settled-non-deliverable-forwards-ndfs-settlement-calendar.pdf\" style=\"background-color:#cc9933;color:#ffffff;\" target=\"\">Download<i class=\"zmdi zmdi-cloud-download wpfd-download\"><\/i><\/a><a                            href=\"https:\/\/docs.google.com\/viewer?url=https%3A%2F%2Ffmdqgroup.com%2Fexchange%2Fwp-admin%2Fadmin-ajax.php%3Fjuwpfisadmin%3Dfalse%26action%3Dwpfd%26task%3Dfile.download%26wpfd_category_id%3D4828%26wpfd_file_id%3D1034215%26token%3D%26preview%3D1&#038;embedded=true\"                            class=\"openlink wpfdlightbox wpfd_previewlink\"                            target=\"\"                            data-id=\"1034215\"                            data-catid=\"4828\"                            data-file-type=\"pdf\">Preview<i class=\"zmdi zmdi-filter-center-focus wpfd-preview\"><\/i>                        <\/a>                            <\/div>                    <\/div>                                                    <div class=\"file flex_span\" style=\"margin : 10px 10px 10px 10px;\"><\/div>            <\/div>                    <\/div><\/div><\/div><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"ob-is-breaking-bad elementor-section elementor-top-section elementor-element elementor-element-c21b71f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c21b71f\" data-element_type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;_ob_bbad_use_it&quot;:&quot;yes&quot;,&quot;_ob_bbad_sssic_use&quot;:&quot;no&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8d3bbee\" data-id=\"8d3bbee\" data-element_type=\"column\" data-settings=\"{&quot;_ob_bbad_is_stalker&quot;:&quot;no&quot;,&quot;_ob_teleporter_use&quot;:false,&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-751918b ob-harakiri-inherit ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"751918b\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div style=\"text-align: justify;\"><p style=\"text-align: justify;\">Other OTC Derivatives \u2013 FMDQ Exchange also provides relevant platform for the reporting of other OTC derivatives such as FX Forward, FX Swaps and other derivatives.<\/p>\n<span style=\"font-weight: 600; text-align: justify;\">For more data and information on OTC Derivatives products traded\/reported on FMDQ Exchange, kindly follow the link to our data and information portal <\/span><span style=\"font-weight: 600; text-align: justify;\"><a style=\"color: #cc9933;\" href=\"https:\/\/emarkets.fmdqgroup.com\/\">https:\/\/emarkets.fmdqgroup.com<\/a>\u00a0or contact our\u00a0<a style=\"color: #cc9933;\" href=\"https:\/\/forms.monday.com\/forms\/embed\/02819955927510dfa522926c584e3074?r=use1\">Derivatives Business Group<\/a> for more information.<\/span><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"ob-is-breaking-bad elementor-section elementor-top-section elementor-element elementor-element-d07f297 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d07f297\" data-element_type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;_ob_bbad_use_it&quot;:&quot;yes&quot;,&quot;_ob_bbad_sssic_use&quot;:&quot;no&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1858f9f\" data-id=\"1858f9f\" data-element_type=\"column\" data-settings=\"{&quot;_ob_bbad_is_stalker&quot;:&quot;no&quot;,&quot;_ob_teleporter_use&quot;:false,&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-67e54aa ob-has-background-overlay elementor-widget elementor-widget-spacer\" data-id=\"67e54aa\" data-element_type=\"widget\" data-settings=\"{&quot;_ob_spacerat_use&quot;:&quot;no&quot;,&quot;_ob_perspektive_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;}\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Cleared Naira-Settled Non-Deliverable Forwards (\u201cCleared USD\/NGN NDFs\u201d) The Cleared Naira-Settled Non-Deliverable Forwards product was introduced in 2016, with the Central Bank of Nigeria as the pioneer seller of the Cleared USD\/NGN NDFs\u00a0contracts. The apex bank currently offers non-standardised amounts for different tenors, from thirteen (13) months through to sixty (60) months to Authorised Dealers, who [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-1022389","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/fmdqgroup.com\/exchange\/wp-json\/wp\/v2\/pages\/1022389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fmdqgroup.com\/exchange\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/fmdqgroup.com\/exchange\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/fmdqgroup.com\/exchange\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/fmdqgroup.com\/exchange\/wp-json\/wp\/v2\/comments?post=1022389"}],"version-history":[{"count":3,"href":"https:\/\/fmdqgroup.com\/exchange\/wp-json\/wp\/v2\/pages\/1022389\/revisions"}],"predecessor-version":[{"id":1074410,"href":"https:\/\/fmdqgroup.com\/exchange\/wp-json\/wp\/v2\/pages\/1022389\/revisions\/1074410"}],"wp:attachment":[{"href":"https:\/\/fmdqgroup.com\/exchange\/wp-json\/wp\/v2\/media?parent=1022389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}