Spread the love

Verification of the Claim: Ten Nigerian Companies Suffer N2.17 Trillion Forex Losses

Fact-Check the Claim:

The claim that ten Nigerian companies incurred a combined forex loss of N2.17 trillion in the financial year 2024 is true, based on credible sources. Data published by Nairametrics support this assertion, noting the significant impact of the naira’s devaluation following the foreign exchange unification policy in 2023[6][1].

Extracting Relevant Images from the Source Article:

No specific images related to the claim were available from the source article https://nairametrics.com/2025/04/07/ten-nigerian-companies-incur-n2-17-trillion-in-forex-losses/ that could be directly linked for this report. However, you may visit the article for potential visual elements.

Fact-Check Report:

Claim: Ten Nigerian Companies incur N2.17 trillion in forex losses.

Verdict: True

Evidence: The forex losses were attributed to the devaluation of the naira due to the unification of foreign exchange systems in Nigeria, affecting major companies like MTN Nigeria, Dangote Cement, Nigerian Breweries, BUA Foods, Nestlé, Cadbury, Lafarge Africa, and Aradel Holdings. The sharp fall in the naira’s value against the USD led to increased costs for companies with dollar-denominated debts[6][4][1].

Sources:

Conclusion: The claim is true and supported by financial data showing the significant impact of the naira’s devaluation on major Nigerian companies’ financial statements in 2024.

Relevant Image(s): No relevant image available from the source.