Top Nigeria Companies See $385 Million in Losses on Weak Naira – Bloomberg
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A customer withdraws naira banknotes from an ATM in Lagos.
Nigerian President Bola Tinubu’s move to allow the nation’s currency to weaken has contributed to combined losses of $385 million at six of the nation’s biggest companies.
Airtel Africa Plc reported the biggest loss among the top Nigerian companies for the quarter ended June 30. The local units of Nestle SA and Mondelez International Inc. reported losses for the first six months of the year after revaluing overseas loans and letters of credit as the local currency depreciated 40%.
