$353.26m FX futures contract matures on FMDQ

FELIX OLOYEDE

Foreign exchange futures contract worth $353.26 million matured and were settled on FMDQ OTC Securities Exchange on Wednesday.

The OTC disclosed in its February newsletter which Business Hallmark obtained a copy that this maturity brought the total value of matured Naira-settled OTC FX Futures contracts on FMDQ, since the inception of the market in June 2016, to circa $8.03 billion.

“In line with the guidelines stipulated in the FMDQ OTC FX Futures Market Operational Standards, the NGUS FEB 28 2018 contract stopped trading eight (8) 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, February 28, 2018,” it stated.

The value of the naira dropped 0.03 per cent to $/N360.25 at the Nigerian Autonomous Foreign Exchange (NAFEX) window on Wednesday, while the currency was stable at $/N363 at the parallel market.

It exchanged N305.90 against the dollar at the Central Bank of Nigeria (CBN) window.

The OTC also revealed, “The Central Bank of Nigeria, as observed over the last nineteen (19) maturities, introduced a new contract, NGUS FEB 27 2019 for $1.00 billion at $/₦362.09 to replace the matured contract. The apex bank also refreshed its quotes on the existing 1- to 11-month contracts.”