Following the desire to address the need for risk management in the Nigerian forex (FX) market, FMDQ OTC securities has announced that it has traded about $10.38 billion worth of OTC FX Futures in 2017.
According to data obtained from the exchange’s website, $10.38 billion worth of OTC FX Futures contracts have traded so far and having ceased trading on December 20, 2017, the 18th OTC FX Futures contract NGUS December 27, 2017, with notional amount $499.20 million, matured and settled on FMDQ, bringing the total value of contracts so far matured on FMDQ to $7.35 billion.
“As it has been the norm for 17 maturities on FMDQ, the OTC FX Futures Exchange, the 18th OTC FX Futures contract matured and settled successfully on December 27, 2017. Having ceased trading on December 20, 2017, in line with the OTC FX Futures Market Operational Standards, the 18th OTC FX Futures contract, NGUS December 27, 2017, with notional amount $499.20 million, matured and settled on FMDQ. This brings the total value of contracts so far matured on FMDQ to $7.35 billion.”
FMDQ further said, “a new contract, NGUS December 26, 2018, for $1 billion at $/362.84 has been introduced by the Central Bank of Nigeria (CBN) to replace the matured contract.”
Also in the year under review, 10 dealing member banks accounted for 71.72 per cent (N93.36 trillion) of the overall turnover in the market, with the top three 3 accounting for 48.73 per cent (N45.49 trillion) of this subsection of the market, these banks include Stanbic IBTC Bank Plc, Access Bank Plc and Ecobank Nigeria Limited.