CBN settles $152.48m forex futures on FMDQ

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The second over-the-counter foreign exchange futures contract (NGUS AUG 24 2016) with notional amount of $152.48m at $/N310, matured and was settled on the Financial Market Dealers Quotation (FMDQ) platform.

This development, FMDQ explained in a statement on Thursday, was in line with the OTC Forex Futures Market Framework and the FMDQ OTC Forex Futures Market Operational Standards, trading on the NGUS AUG 24 2016 contract which ceased on August 16, 2016.

It was valued on August 24, 2016 by FMDQ OTC Securities Exchange against the Nigerian Inter-Bank Foreign Exchange Fixing spot rate. Clearing operations and settlement for the final amounts, were effected through the Nigeria Inter-Bank Settlement System Plc, in its capacity as the FMDQ designated clearing agent for the margining and settlement of the OTC forex futures contracts.

The August 24, 2016 matured contract was replaced by the CBN with a new 12-month contract, NGUS AUG 16 2017, with a notional amount on offer of $1bn at $/241.

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