Nigeria’s dollar woes leave record N452 billion forex loss across big consumer goods companies

  • 📰 PremiumTimesng
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 78%

대한민국 뉴스 뉴스

대한민국 최근 뉴스,대한민국 헤드 라인

The highest exchange loss, N123.8 billion, was posted by consumer goods powerhouse Nestle Nigeria, which also saw the sharpest deterioration year on year.

Not showing clear signs of vanishing soon, Nigeria’s dollar drought has become more complicated after Africa’s largest economy allowed its currency to weaken by about 40 per cent in June in a push seeking convergence of the official and parallel market exchange rates of the dollar to the naira.

That, 37 times higher than the N11.9 billion recorded by the companies a year ago, tipped all but one of those firms into loss. “Because they have foreign currency loans, the transmission effect will still continue to have an impact on their balance sheet,” Muyiwa Oni, regional head of equity research, West Africa at Standard Bank Group, told PREMIUM TIMES.

Instead, it said, it would explore a third-party direct distribution model for its pharmaceutical products.Because the bulk of Nestle’s financing as a multinational comes from overseas loans and letters of credit, the blow of foreign exchange loss on its financials was ruinous on a sweeping scale.The food processing giant posted its first half-year loss after tax in at least nine years, having seen its net foreign exchange loss soar 59 times to N123.8 billion within one year.

There is a likelihood that working capital will be stressed in the short term as current liabilities already exceeded current assets by 29.5 per cent in the first half of the year.

이 소식을 빠르게 읽을 수 있도록 요약했습니다. 뉴스에 관심이 있으시면 여기에서 전문을 읽으실 수 있습니다. 더 많은 것을 읽으십시오:

 /  🏆 3. in KR
 

귀하의 의견에 감사드립니다. 귀하의 의견은 검토 후 게시됩니다.

대한민국 최근 뉴스, 대한민국 헤드 라인

Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.

Goods worth over N1bn destroyed as fire guts Ebonyi International MarketGoods reportedly worth over N1 billion were destroyed in a fire outbreak at the Ebonyi State International Market on Wednesday. The fire affected one of the largest warehouses in the market. DAILY POST reports that the cause of the fire incident, which started around 2:00 am, is yet to be ascertained.
출처: DailyPostNGR - 🏆 11. / 59 더 많은 것을 읽으십시오 »

Fire destroys goods worth millions of naira in Calabar marketGoods reportedly worth millions of naira were destroyed during a fire outbreak at Watt, a popular market in Calabar, Cross River. The fire, which was said to have started around 2:00 am on Thursday, affected no fewer than six shops in the market.
출처: DailyPostNGR - 🏆 11. / 59 더 많은 것을 읽으십시오 »

Fire razes shops, destroys goods worth millions at Calabar marketA Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
출처: vanguardngrnews - 🏆 5. / 75 더 많은 것을 읽으십시오 »

Nigeria’s dollar woes leave record N452 billion forex loss across big consumer goods companiesThe highest exchange loss, N123.8 billion, was posted by consumer goods powerhouse Nestle Nigeria, which also saw the sharpest deterioration year on year.
출처: PremiumTimesng - 🏆 3. / 78 더 많은 것을 읽으십시오 »