Foreign-owned subsidiaries, Like Airtel Africa, MTN Nigeria, Nestle, Guinness and many others trading in the Nigerian Exchange have accrued over N900 billion in foreign exchange losses as of the nine-month period ending September 2023 due to the abrupt and humongous drop in the value of the Naira on June 14, 2023.
However, the currency has consistently stuck around the N1100/$ mark in the parallel market. The consistent pendulum swing of the Naira is a potential source of another set of humongous foreign exchange losses among these companies.
