https://bio.site/dapurtoto1

https://linkr.bio/dapurtogel

https://heylink.me/dapurtoto88/

https://bio.site/dapurto88

https://potofu.me/dapurtoto88

situs toto

toto togel 4d

situs togel

10 situs togel terpercaya

10 situs togel terpercaya

situs togel

situs toto

bandar togel online

10 situs togel terpercaya

toto togel

toto togel

situs togel

situs togel

situs togel

situs togel

bandar togel

situs togel

toto togel

bo togel terpercaya

situs togel

situs toto

situs togel

situs togel

toto togel

situs toto

situs togel

https://www.eksplorasilea.com/

https://ukinvestorshow.com

https://advisorfinancialservices.com

https://milky-holmes-unit.com

toto togel

situs togel

slot online

OTC FX Futures Contracts worth $1.20bn traded on FMDQ platform

4 Min Read
CBN

FMDQ OTC Securities Exchange on Saturday said that over 1.20 billion dollars worth of the Central Bank of Nigeria (CBN) OTC FX Futures contracts have been traded on its OTC FX Futures Trading & Reporting System.

This is contained in a statement issued by the company in Lagos and obtained by the News Agency of Nigeria (NAN).

The statement said that the apex bank OTC FX Futures contracts cut across all the tenors, with the profile of the buyers of the contracts, including Foreign Portfolio Investors (FPIs) and importers, among others.

It said that “one month into the June 27, 2016, introduction of and formal unveiling of the Naira-Settled OTC FX Futures Market, the pioneer
1M contract about 26.73 million dollars executed between the CBN and authorised dealers on FMDQ.’’

The statement added that the pioneer one million contract matured and was settled on July 27, 2016.

It explained that the 1M contract was valued by the Exchange against the Nigerian Inter-Bank Foreign Exchange Fixing (NIFEX) Spot rate.

“Clearing operations and settlement for the final variation margins, as valued by FMDQ, were effected through the Nigeria Inter-Bank
Settlement System PLC (NIBSS), acting as the clearing and settlement infrastructure for the margining and settlement of the OTC FX Futures contracts.

Consequently, in line with the FMDQ OTC FX Futures Market Framework, ₦962.2 million total settlement amount was paid to the ‘Futures Banks’, the counter parties to the CBN on the matured at ₦279 per dollar on the maturity date, July 27, 2016,’’ it stated.

The statement added that the apex bank “has replaced the matured July 2016 contract and has now offered the new 12M contract, to mature July 2017, with a total notional amount on offer of one billion dollars at ₦250 per dollar.

The statement said that the OTC FX Futures market would continue to provide a feasible alternative for local and international end-users keen to hedge their FX exposures.

It stated that the initiative had availed a greater opportunity to manage exchange rate volatility, even as the CBN continues to empower and position the Nigerian FX market as an attractive, efficient and credible market.

NAN reports that the apex bank and FMDQ on July 27, recorded another feat with the launch of the first Naira-Settled OTC FX Futures Market.

The Naira-Settled OTC FX Futures Market would serve to minimise the disequilibrium in the Spot FX market and cause the rate to moderate.

It will also attract significant capital flows to the Nigerian fixed income and equity markets; and achieve exchange rate stability. (NAN)

TAGGED: , , ,
Share this Article