Brewers in Africa’s most populous nation are heaving a sigh of relief as their net foreign exchange loss saw a big drop in the nine months to September 2025, helped by a firmer naira that’s become more predictable and offsetting FX pressures on corporate earnings.
Nigerian Breweries, International Breweries, and Champion Breweries have had to contend with foreign exchange losses due to the volatility witnessed last year, but a stable naira is changing that narrative, with the brewers cutting combined FX losses by 98.35 percent to N3.44 billion in the reviewed period.
Nigerian Breweries is the only standout performer as the firm swings from N48.2 billion in FX losses last year to a net gain of N10.26 billion by the end of September.