By Nse Anthony-Uko
(Sundiata Finance) – Stanbic IBTC Holdings Plc, Access Bank and Ecobank led seven other banks in 70.71 per cent or N64.92 trillion of the overall turnover between January and August on the FMDQ OTC Securities Exchange.
The report by FMDQ OTC said, the top three Banks accounted for 45.47 per cent or N29.50 trillion total turnover.
“Stanbic IBTC Bank, Access Bank and Ecobank Nigeria Ltd. topped the League Table, ranking 1st, 2nd and 3rd respectively, in the value traded for the overall over-the-counter (OTC) market, maintaining their position in the value traded for the overall over-the-counter (OTC) market. The three banks have maintained their position in the League Table for five consecutive months,” the monthly report by FMDQ OTC stated.
The report said, all other banks maintained their positions on the League Tables with the exception of Stanbic IBTC Bank and Access Bank.
“Both banks, Stanbic IBTC and Access Bank swapped positions in the review period and are now occupying 1st and 2nd places respectively,” the report pointed out.
Further breakdown revealed that, United Bank for Africa Plc maintained the fourth position, while First Bank of Nigeria Limited and Diamond Bank Plc are in the fifth and sixth position respectively.
The chart disclosed that Standard Chartered Bank Nigeria Limited and Guaranty Trust Bank Plc were in seventh and eighth position, while CitiBank Nigeria Limited and Union Bank of Nigeria were in ninth and tenth position.
The report stated that August 2017 recorded N12.89trillion in turnover, an increase of 11.78 per cent when compared to N11.54trillion recorded in July 2017, bringing the total year-to-date turnover to N91.80trillion.
The breakdown revealed that foreign exchange market contributed N10.2 trillion; foreign exchange derivatives, N10.5 trillion and Treasury Bill, N41.6 trillion and Federal government of Nigeria Bonds, N6.4 trillion.
Others are ‘Other bonds’, N25 billion; Eurobonds, N62 billion; Repurchase Agreements/Buy-Backs, N21.9 trillion; Unsecured Placements/Takings N944 billion and Money Market Derivates, N21.57 billion.
“The month-on-month (MoM) increase was primarily driven by increased trading activities experienced in the following product categories; Foreign Exchange (Spot), with a MoM growth of 66.44per cent, Foreign Exchange Derivatives, a MoM growth of 46.28 per cent and Treasury Bills, a marginal 4.98 per cent MoM growth. They respectively make up circa 19.09per cent, 12.04per cent and 41.01per cent of overall turnover,” the report added