Nigeria, Aug. 4 -- Nigerian businesses are at last coming back after two trying years of currency depreciation. From N460 per dollar in June 2023 to over N1,530 by the end of 2024, the float of the naira mid-2023 set off one of the most rapid currency decreases in the country's records.
Particularly for companies in the consumer products and ICT industries, this sharp depreciation resulted in significant foreign currency losses, increasing funding costs, and diminished shareholder value.
Consumer goods firms were hit the most. Seven industry leaders including Nestle, Cadbury, Nigerian Breweries, and Dangote Sugar, had racked up collective losses of more than N867 billion by the end of 2024. During this downturn, only BUA Foods and NASCO...
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