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Wema Bank has seen its income from foreign exchange revaluation increase to N14.53bn at the end of 2024 from N13.60bn in 2023, indicating a 6.78 per cent increase.
This was revealed in its unaudited financial statement for the fourth quarter of 2024, which was filed with the Nigerian Exchange Limited on Thursday.
Forex revaluation gains occur when there is an increase in the value of a bank’s assets and liabilities denominated in foreign currency due to a change in the exchange rate between the foreign currency and the local currency.
Recall that the National Assembly has approved the imposition of a 70 per cent windfall tax on the FX gains of banks that had benefitted from the harmonisation of the segments of the currency market in June 2023.
Wema Bank announced plans to raise an additional N200bn in its final tranche of the recapitalisation exercise. According to a statement from the bank on Wednesday, the additional funds would be raised via a combination of rights issues and a private placement exercise set to go live on April 1, 2025.
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