In a blow to major corporations, the decline in the naira’s value has led eight Nigerian firms to declare N918.1 billion in currency revaluation losses. The naira’s slide, exacerbated by the market-driven valuation initiated by the Central Bank of Nigeria, has sent shockwaves through the business landscape.

In the wake of the naira’s tumultuous fall, a chorus of financial statements from companies including Dangote Sugar, Dangote Cement, Nestle Nigeria, Nigerian Breweries, Guinness Nigeria, MTN Nigeria, Airtel Africa, MRS Oil, and Seplat Energy tells a tale of losses, triggered by the steep devaluation of the local currency.

Economic experts weren’t surprised by these losses, attributing them to the prevalent economic challenges faced by businesses in 2023. The firms, laden with foreign loans and obligations, found themselves severely impacted by the devaluation’s financial ramifications.

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https://www.primebusiness.africa/8-firms-hit-by-naira-devaluation-n918-1bn-currency-revaluation-loss/