Business
$1.20bn OTC FX Traded On FMDQ Platform
FMDQ OTC Securities Ex
change 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 our correspondent.
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.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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