Nigerian Companies Recover Dollar Profits Post-2023

Following the Central Bank of Nigeria's foreign exchange reforms in June 2023, which liberalized the market and led to a sharp depreciation of the naira, Nigerian companies have begun to report profits that have recovered to pre-2023 levels when measured in dollars. The average exchange rate weakened from approximately N425.98/$ in 2022 to N1,518.38/$ in 2025, necessitating a 256% increase in naira profits to maintain dollar profitability.

An analysis by Nairametrics focused on 29 companies listed on the Nigerian Exchange, revealing that 69% of these companies generated more profit in dollar terms in 2025 compared to 2022. By June 2026, 12 of the 29 companies had already surpassed their total dollar profits from 2022, with 25 companies achieving at least half of their 2022 dollar earnings.

For instance, Nigerian Breweries increased its profit from N13.19 billion ($30.96 million) in 2022 to N99.10 billion ($65.27 million) in 2025, and reported N92.96 billion ($67.55 million) in H1 2026.