How is NIBOR Determined? | FMDQ Group

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How is NIBOR Determined?

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FAQs
How is NIBOR Determined?

faqs

FAQS FOR COMMERCIAL PAPERS

30

Definitions
What are Commercial Papers?
When and why were CPs introduced?
Who can issue a CP?
Who are the typical parties to a CP?
Who can act as an Issuing and Placing Agent (“IPA”)?
Who can act as a CPA?
Who can act as an Issuing, Placing, Paying and Collecting Agent (“IPCA”)?
Who can Invest in a CP?
Can CPs be traded in the secondary market?
Who can Sponsor the Registration and Quotation of a CP on the Exchange?
What are the relevant fees required for the Registration and Quotation of CPs on the Exchange?
What is the difference between a CP Programme and a Discreet Issuance?
What is the difference between the Registration and Quotation of CPs on the Exchange?
What is the standard timeframe for the Registration of a Programme or Discreet Issuance?
What is the minimum size of a CP?
What are the minimum and maximum tenors of a CP issue?
What terms under a registered CP Programme can be revised?
What is the rating requirement for the issuance of CPs?
Is there a minimum level of subscription for a CP issue?
Are CPs interest bearing or discount instruments?
Can CPs be held in dematerialised form?
How do investors redeem monies invested in CPs?
Are there specific requirements for Special Purpose Vehicles/Entities (“SPVs/SPEs”)?
Can CPs be accompanied with Liquidity and Credit Enhancement Structures?
Does FMDQ conduct pre – issuance reviews prior to the opening of a CP?
What is the standard timeframe for the Quotation of a CP?
Are there specific timelines for fulfilment of all requirements relevant for Quotation of a CP?
What type of post-quotation compliance obligations are required by the Exchange?
Does the Exchange impose sanctions for non-compliance with the Rules?

faqs

FAQS FOR NIGERIAN AUTONOMOUS FOREIGN EXCHANGE MARKET

10

What is the Nigerian Autonomous Foreign Exchange Market?
Who can participate in the NAFEM?
What are the Permitted Transactions at the NAFEM?
How can I execute trades at this Window?
Will Certificates of Capital Importation (“CCIs”) still be issued for new foreign currency inflows sold at the Window?
How can I track the activity in this Window?
What is NAFEX?
How do I gain access to the FMDQ e- Markets Portal?
Can participants in the NAFEM also access FX from the CBN Secondary Market Intervention Sales (“SMIS”) Window?
Can participants hedge FX exposures using FX derivatives based on rates in the NAFEM?

faqs

FAQS FOR NIBOR

11

What is NIBOR?
What is the NIBOR Philosophy?
How is NIBOR Determined?
How many NIBOR tenors are published?
How does FMDQ as the NIBOR administrator ensure the Reference Banks take their responsibilities seriously?
How would FMDQ ensure NIBOR meets the Principles for Financial Benchmarks issued by the International Organisation of Securities Commissions (“IOSCO”)?
What is NIBOR used for?
How do top corporates and banks use NIBOR in pricing floating rate contracts?
What will happen in the event of non-availability of some NIBOR data from Reference Banks?
Is NIBOR the only fixing in the Nigerian financial markets?
Where can I find current and historical NIBOR?

faqs

FAQS FOR NITTY

9

What is NITTY?
How is NITTY determined?
How are the MTM discount rates determined?
What are the NITTY tenor benchmarks?
How is NITTY calculated?
What are the uses of NITTY?
Will NITTY replace the NIBOR?
How often will NITTY rates be published?
Where can I find historical and current NITTY rates?

faqs

FAQS FOR ROLLOVER ON CLEARED NAIRA-SETTLED NON-DELIVERABLE FORWARDS (“CLEARED USD/NGN NDFs”) CONTRACT

8

WHAT IS A ROLLOVER OF A CLEARED USD/NGN NDFs CONTRACT UNDER THE PROVISIONS OF MB-33?
WHAT ARE THE CONDITION(S) FOR THE ROLLOVER OF A CLEARED USD/NGN NDFs FUTURES CONTRACT?
DOES THE ROLLOVER AFFECT ANY OF THE TERMS AND CONDITIONS FOR BUYING CLEARED USD/NGN NDFs CONTRACTS AS STIPULATED UNDER THE Cleared USD/NGN NDFs MARKET OPERATIONAL STANDARDS?
4. WHEN DOES THE ROLLOVER MECHANISM BECOME EFFECTIVE AND WHICH CLEARED USD/NGN NDFs CONTRACTS ARE ELIGIBLE?
WHAT IS THE MINIMUM SIZE OF A ROLLOVER CLEARED USD/NGN NDFs CONTRACT?
WHAT TENOR(S) OF CLEARED USD/NGN NDFs CONTRACTS CAN BE ROLLED OVER?
DOES THE ROLLOVER RULE PROHIBIT THE PURCHASE OF CLEARED USD/NGN NDFs CONTRACTS WITH TENORS LONGER THAN 6M FOR FPIs?
WHAT ARE THE RELEVANT FEES APPLICABLE TO CLEARED USD/NGN NDFs CONTRACTS ROLLED OVER?

faqs

FAQS FOR INNOVATE NIGERIA PROGRAMME

14

What does the OXFO x FMDQ Start-Up Programme offer to venture teams?
How many Nigerian ventures will be selected for the programme?
Who can apply
We define an Innovation-Driven Start-up as:
Potential to scale and grow their business into a sustainable enterprise
How advanced does our start-up need to be? Can we apply if we just have an idea?
How large can each venture team be?
What is the duration of our venture’s time in the programme?
Where will the Programme take place?
What commitment does Innovate Nigeria require from the team they select?
Is the programme being provided for free?
I’m an investor/business professional/startup mentor – how can I contribute to the StartUp Bootcamp?
When can I apply?
How can I apply?

faqs

FAQS FOR YELP

9

Who can apply for the programme?
What is the time commitment?
Are the placements funded?
Where will the placements be?
What are the benefits to me?
How can I apply?
What is the timeline of the programme?
What do we look for in an application?
How will the programme conclude?

How is NIBOR Determined?

NIBOR is a ‘trimmed arithmetic mean’ of some of the Reference Banks’ submissions. Quotes from outliers (highest and lowest quotes) are removed and the rest is averaged. The result for each benchmark tenor will be derived to four (4) decimal places and published to the market at
approximately 2:00 PM daily.

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