CBN settles $253.61m NGUS May 24 2017 OTC FX futures
The central bank of Nigeria (CBN), has settled the $253.61million foreign exchange that matured on the FMDQ OTC Securities Exchange, on Wednesday May 25th 2017, and replaced with a new 12-month contract, NGUS MAY 30 2018, for $1.00bn at $/₦396.06.
According to the FMDQ OTC Securities Exchange, a total of about $6.92bn OTC FX Futures contracts currently trades on OTC Exchange.
The 11th OTC FX Futures Contract, the NGUS May 24 2017 OTC FX futures, matured and was settled on Wednesday 25th May 2017 , on FMDQ OTC Securities Exchange. The settlement by the apex bank regulator was in demonstration of its commitment to sustain vibrancy of the Nigerian foreign exchange market, as well as operations of the OTC FX futures market
NGUS May 24 2017 OTC FX futures, the 11th OTC FX Futures contract ,ceased trading on the FMDQ OTC,eight days ahead of its maturity, it has notional amount $253.61million.
The settlement of the 11th OTC FX Futures contract valued $253.61Million, brings the total value of contracts that have so far matured on FMDQ, the OTC FX Futures Exchange, to $3.64billion, with a total of about $6.92bn worth of OTC FX Futures contracts traded so far.
A new 12-month contract, NGUS MAY 30 2018, for $1.00bn at $/₦396.06 has been introduced by the CBN to replace the matured contract.
Meanwhile, as part of its plan to fully resuscitate the vibrancy of the Nigerian foreign exchange (FX) market, the Central Bank of Nigeria (CBN) continued to boost the operations of the OTC FX Futures market.
The CBN has sustained offering By offering new contracts to replace matured ones and actively refreshing its quotes on the existing contracts, in line with the
FMDQ OTC Securities Exchange (“FMDQ” or the “OTC Exchange”) reference rate for foreign exchange activities in the recently introduced Investors’ & Exporters’ FX Window – the NAFEX, the apex bank again displays its determination to maintain market stability and create an environment conducive for foreign and Nigerian portfolio investors.
Accordingly, having ceased trading eight (8) days in advance, the 11th OTC FX Futures contract, NGUS MAY 24 2017, with notional amount $253.61mm, matured and settled on FMDQ on Wednesday, May 24, 2017.
This brings the total value of contracts so far matured on FMDQ, the OTC FX Futures Exchange, to $3.64bn, with a total of about $6.92bn worth of OTC FX Futures contracts traded so far.
A new 12-month contract, NGUS MAY 30 2018, for $1.00bn at $/₦396.06 has been introduced by the CBN to replace the matured contract.
