Access Bank has emerged the biggest dealer in money market instruments in the first half of the year ended June 2016. The bank overtook Diamond Bank, which was the number one dealer in the market as at December 2015.
Sources in the financial market say both banks are big players in trade services hence their dominance of especially foreign exchange transactions in the market.
The FMDQ OTC Market dealing member league table shows that the top 10 dealing members in the money market account for 70% of all market turnover, which stood at N48.9 trillion in the first six months of 2016 while the top three banks account for 40% of all market turnover.
Trading activities in Treasury Bills contributed the largest to overall turnover, accounting for 38%, secured market transactions, (Repos/Buy-backs) accounted for 27%, while foreign exchange market transactions accounted for 26%, FGN Bonds, 5% and Unsecured Placement and Takings, 4% of overall market turnover.
The top 10 dealing members in the money market as at June 2016 ending are;
1- Access Bank
2- Diamond Bank
3- Stanbic IBTC
4- United Bank for Africa Plc
5- First Bank of Nigeria Plc
6- Ecobank Nigeria Limited
7- Standard Chartered Bank Nigeria Limited
8- Union Bank of Nigeria Plc
9- Skye Bank Plc
10- Guaranty Trust Bank Plc
