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Six of the nation’s biggest companies post losses after the president’s move to allow the country’s currency to weaken
04 August 2023 – 14:38 Emele Onu
Nigerian President Bola Tinubu’s move to allow the nation’s currency to weaken has contributed to combined losses of $385m (R7.2bn) at six of the nation’s biggest companies.
Airtel Africa reported the biggest loss among the top Nigerian companies for the quarter ended June 30. The local units of Nestle and Mondelez International reported losses for the first six months of the year after revaluing overseas loans and letters of credit as the local currency depreciated 40%…
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