Manufacturers Key into FX Futures as Market; Records $294.6m Turnover – Thisday

In order to optimally manage and plan their foreign exchange (FX) requirements and transactions more easily, manufacturers in country have started taking advantage of the over-the-counter (OTC) FX Futures market.
This is just as the Managing Director/CEO of FMDQ, Mr. Bola “Koko” Onadele, said yesterday that the turnover on the futures market last week (Aug. 1-5) stood at $294.63 million, with a high of $139.55 million for the June 21, 2017 contract.
Also providing details on liquidity on the spot market since trading started under the new rules last June, he said the market recorded a turnover of $761 million for the week ending July 29 and an average daily turnover of $152.38 million; $1.184 billion for the week ending July 22 and posted an average daily turnover of $236.98 million; $505 million for the week ending July 15, with an average daily turnover of $100.98; $157 million for the week ending July 8 and an average daily turnover of $78.32 million; $1.027 billion for the week ending July 1and an average daily turnover of $205.45 million; and $2.226 billion for the week ending June 24 and an average daily turnover of $445.17.