Naira Stability Spurs Surge in Julius Berger’s Forex Gains
The renewed stability of the naira is delivering a significant lift for Nigerian corporates none more than Julius Berger Nigeria PLC. For the nine months ended September 30, 2025, the company reported a dramatic foreign exchange (FX) gain of ₦39.29 billion, up from ₦5.69 billion in the same period in 2024 a more than five‑fold increase.
This sharp FX gain comes amid a broader rebound in Nigeria’s external reserves and enhanced FX‑market liquidity. According to recent data, external reserves rose to around US$42 billion as of late September 2025, reflecting improved inflows from oil exports, diaspora remittances, foreign portfolio investments, and non‑oil exports.
Regulatory reforms implemented by Central Bank of Nigeria (CBN) have also helped deepen the interbank FX market, boosting transparency and investor confidence.
For Julius berger, the FX gain mainly reflects the revaluation of its foreign‑currency denominated receivables and holdings. Combined with strong revenue growth from ongoing civil and building projects, this translated into higher “other gains and losses,” significantly improving profitability despite cost pressures.
This case illustrates how macroeconomic stability and effective FX‑market reforms can help corporates with foreign‑currency exposure turn prior FX losses into substantial gains. For investors and business watchers, it underscores the importance of currency stability and robust FX liquidity in safeguarding corporate earnings and unlocking value.
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