The 6th OTC FX Futures Contract Matures on FMDQ OTC Securities Exchange

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The 6th OTC FX Futures Contract Matures on FMDQ OTC Securities Exchange. The 6th OTC FX Futures contract, NGUS DEC 21 2016, with notional amount $477.45mm, matured and settled on Wednesday, December 21, 2016 on FMDQ OTC Securities Exchange; bringing the total value of contracts so far matured on the OTC Exchange to circa $1.53bn, and about $5.02bn worth of OTC FX Futures contracts traded so far.

The contract, which stopped trading on December 13, 2016, was valued against Nigerian Foreign Exchange Fixing (“NiFEX”) Spot rate as published by FMDQ on December 21, 2016, with the associated clearing/settlement effected by the Nigeria Inter-Bank Settlement System PLC (NIBSS), in line with the FMDQ OTC FX Futures Market Operational Standards.

Consistent with its treatment for the previous five (5) maturities (July – November 2016), the Central Bank of Nigeria introduced a new contract, NGUS DEC 27 2017, for $1.00bn at $/₦274.00 to replace the matured contract and refreshed its quotes on the existing 1- to 11-month contracts.

Market participants are hopeful that the efforts of the CBN, towards resuscitating the vibrancy of the nation’s FX market will, in the coming year, yield the desired results and invariably allow for the potential of the OTC FX Futures market to be fully maximised by businesses, investors, governments etc. with FX exposures.

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