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Nairaland Forum / Nairaland / General / Business / Naira Crashes 40% Since May 29 As Flour Mills Makes 1st Loss Since 2019 (220 Views)
Naira Crashes To ₦1,210 To US Dollar / Naira Crashes To Record Low At Official Market / Dollar Sells For N420, Naira Crashes In Value (2) (3) (4)
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Naira Crashes 40% Since May 29 As Flour Mills Makes 1st Loss Since 2019 by koiki4bat: 6:15pm On Aug 29, 2023 |
Nigeria's Naira has crashed beyond 40% since Nigeria's new president Bola Tinubu floated a controversial policy to unify the Country's exchange rate. It is not exactly clear how Mr. Tinubu (whose presidency is currently enmeshed in a legitimacy crisis) intends to actually unify the Country's exchange rate, since Nigeria has not had a trade surplus in decades. This has led Flour Mills of Nigeria Plc, the West African nation’s biggest miller, to report its first loss in about four years as naira’s depreciation increased the company’s cost of servicing overseas loans. The Lagos-based company reported a loss of 10.2 billion naira ($13.2 million) in the three months to June 30, compared with a profit of 5.63 billion naira a year ago, according to a regulatory filing. The firm posted a foreign-exchange loss of 22.5 billion naira. More https://www.bloomberg.com/news/articles/2023-08-29/naira-plunge-pushes-top-nigerian-miller-to-first-loss-since-2019#xj4y7vzkg |
Re: Naira Crashes 40% Since May 29 As Flour Mills Makes 1st Loss Since 2019 by successmatters(m): 6:16pm On Aug 29, 2023 |
![]() Only Obidients are suffering this, we Ebola 1 Like |
Re: Naira Crashes 40% Since May 29 As Flour Mills Makes 1st Loss Since 2019 by koiki4bat: 6:25pm On Aug 29, 2023 |
Breaking one bad record every month. That's the new Tinubu slogan |
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