to tap into FX gains recorded by banks in the 2023 financial year, market operators have said.
At the close of transactions yesterday, seven banks’ stocks depreciated in price against only two that constituted the losers chart on Wednesday. Specifically, Zenith Bank shed seven per cent to close at N37.20 from N40 at which it opened for transactions while UBA lost 2.31 per cent to close at N23.30.
The source said the decision is a bad one for banks and the stock market because the money would have to be drawn from the banks’ books.“It is bad news for the banks. It means they will have to restate their 2023 financial statement providing for this tax in 2023 and 2024 financial years.”
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