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CBN, FMDQ Boost FX Inflows into Nig; Introduce Long-Dated Hedging Product, FX Futures, Up to 5 Years

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The Central Bank of Nigeria in collaboration with FMDQ Group introduced the much-awaited long-dated FX Futures, extending the maximum contract tenor to up to five (5) years. This implies that forty-seven (47) new monthly OTC FX Futures contracts, in addition to the existing thirteen (13) contracts have been introduced, thus, bringing the total number of open OTC FX Futures contracts at any point to sixty (60).

Tumi Sekoni, Managing Director of FMDQ Exchange – a subsidiary of FMDQ Group – was at Channels TV’s Business Morning to speak on this development.

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