By Mike Abba
A total of N55.6 trillion was recorded on the platform of the Financial Market Daily Quotation (FMDQ) Over-The-Counter (OTC) Securities Exchange being transactions by 10 deposit money banks (DMBs) in the first ten months of 2017.
The affected DMBs include, Stanbic IBTC Bank Plc, Access Bank Plc and Ecobank Nigeria Limited, which topped the banks that facilitated the highest trading value on the FMDQ OTC Securities Exchange between January and October 2017.
Data contained in the FMDQ Spotlight Newsletter for November revealed that a total of N115.32 trillion was traded on the fixed income and currency exchange for the period of 10 months, as investors take advantage of the ease in the foreign exchange market since the Central Bank of Nigeria (CBN) aggressive intervention in February.
The top 10 dealing member, which are all DMBs accounted for 71.51 per cent or N82.46 trillion of the overall turnover in the market. An analysis of the DMBs’ performance showed that Access Bank Plc, Stanbic Bank Limited and Ecobank Nigeria Limited accounted for 47.75 per cent or N39.38 trillion during the period reviewed.
FMDQ said the three banks topped the transaction in the value traded for the overall over-the-counter (OTC) market, maintaining their position in the league table as the top three banks for seven consecutive months.
The other dealing member banks maintained their positions on the league table with the exceptions of First Bank of Nigeria swapping positions with Standard Chartered Bank Nigeria, and both now occupying fifth and sixth places respectively and Union Bank of Nigeria swapping positions with Guaranty Trust Bank, and both now occupying ninth and tenth places respectively.
While investors traded N115.32 trillion in 10 months, there was an increase in the month of October compared to September. Investors traded N12.18 trillion in October, up from N11.34 trillion recorded in September
“The month-on-month (MoM) growth was primarily driven by increased trading activities experienced in the FX Derivatives and Repurchase Agreements (Repos)/Buy-Backs product categories, which respectively made up 14.75 per cent and 17.64 per cent of the overall turnover for October 2017. Other product categories, on the other hand, experienced a MoM decline”, the publication stated.
