Three first tier banks in Nigeria have been named by the FMDQ as top drivers of its activities for the ten months period spanning from January to October 2016.
A recent FMDQ Spotlight Newsletter showed that 10 dealing member (banks) in FMDQ Markets led growth of activities in the market for the period under consideration.
UBA emerged top driver of the of the debt instrument market, according to the FMDQ, followed by Access Bank, Stanbic IBTC and Ecobank Nigeria.
First Bank of Nigeria occupied the fifth position in activity level of the FMDQ, followed by Diamond Bank, Citibank Nigeria, and FCMB.
Union Bank and Standard Chartered Bank were recorded by FMDQ as the 9th and 10th most active instruments during the period.
According to the FMDQ report, the top ten Dealing Member Banks accounted for 71.00 per cent of total transaction valued at ₦109.84 trillion turnover in the market, with the top three banks accounting for 28.00 percent valued ₦43.10trillion of this sub-section of the market.