Eterna Plc loses N69.23m in foreign exchange forward contract

Domestic oil and gas company, Eterna Plc, recorded a decline in its foreign exchange forward contract, but managed to raise its total revenue for the year ended December 31, 2022.

Ripples Nigeria gathered from an overview of Eterna’s Consolidated Financial Statements obtained on Friday that the foreign exchange forward contract dropped by 13.51 per cent year-on-year.

A foreign exchange (Forex) forward contract is a trade agreement in foreign currency that sees a company charge a higher price (than the current market price) for a long-term supply that could last for two years.