As stipulated in MB-33, the following conditions must be met for a transaction in an Cleared USD/NGN NDFs contract tobe treatedas a rollover:
i. Validity of the initial contract per the extant Cleared USD/NGN NDFs Market Operational Standards for FPIs
ii. The size and tenor of the Cleared USD/NGN NDFs contract to be booked and designated as a “rollover” must be the same as the initial Cleared USD/NGN NDFs contract purchasedfor the FPI
iii. The cumulative tenor of the original and rolled over Cleared USD/NGN NDFs contract(s) must not exceed twelve (12M) months Due to condition (iii) above, the maximum number oftimesfor which Cleared USD/NGN NDFs may be rolled over are set out in the illustration table provided in MB-33.