Some of Nigeria’s leading companies incurred a combined forex loss of N2.17 trillion in the financial year 2024, according to data collated by Nairametrics from published financial statements.
The sheer size and magnitude of the losses were so significant that they negatively impacted the bottom line for some firms.
These staggering losses were largely triggered by the devaluation of the naira, following the Tinubu administration’s foreign exchange unification policy launched in June 2023.