• About Us
  • Contact Us
  • Privacy & Policy
Friday, June 20, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

N627 Billion Forex Losses Hit Top Nigerian Companies: Dangote, BUA, and Lafarge Among Eight Manufacturers Affected by Currency Depreciation

Vincent Amadi by Vincent Amadi
June 1, 2024
in Economy, News
Reading Time: 2 mins read
A A
0
Bua cement
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

Foreign exchange-related losses of N627.7 billion in the first quarter of the year were reported by eight manufacturers, including Dangote, BUA, and Lafarge. An analysis of the financial statements of these firms, published on the Nigerian Exchange Limited, revealed these losses.

The firms mentioned on the exchange include BUA Foods, Lafarge Africa Plc, Nestle Nigeria, BUA Cement, International Breweries, Dangote Sugar, Nigerian Breweries, and Dangote Cement.The naira has experienced significant depreciation since the beginning of the year, hitting a peak in February when it reached N1,900 against the dollar in the parallel market.

This devaluation has impacted businesses negatively, forcing firms with forex-denominated obligations to revalue them due to the naira’s decline.For example, Lafarge Africa Plc saw its forex losses increase to N21.8 billion from a gain of N320 million in the same period the previous year.

This resulted in a substantial decrease in profits for the company.Dangote Cement and BUA Cement also faced forex losses, impacting their financial performance. The challenging business environment due to inflation and forex volatility led to an increase in costs for these manufacturers.Nestle Nigeria and Dangote Sugar in the food and beverage sector, as well as International Breweries and Nigerian Breweries in the brewing industry, all recorded significant forex losses in the first quarter of the year, affecting their financial results.Despite some manufacturers growing their revenues, the overall impact of forex losses and market challenges has been substantial across various sectors. The continuous depreciation of the naira has posed significant challenges to businesses, leading to losses and affecting profitability ratios negatively.From: Amadi Vincent Uzoma

Tags: nigeria
Vincent Amadi

Vincent Amadi

Related Posts

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

3 days ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

3 days ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery Begins Distribution of Petrol Nationwide

4 days ago
Travel Ban List: Mounting Fear As Trump Administration Considers Adding Nigeria, 36 Other countries
International

Travel Ban List: Mounting Fear As Trump Administration Considers Adding Nigeria, 36 Other countries

4 days ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Court Grants N50m Bail to Senator Natasha Akpoti-Uduaghan over Defamation Charge
National

Court Grants N50m Bail to Senator Natasha Akpoti-Uduaghan over Defamation Charge

10 hours ago
Despite Herdsmen attack, Enugu is the safest State in Nigeria-Governor Peter Mbah
National

Despite Herdsmen attack, Enugu is the safest State in Nigeria-Governor Peter Mbah

10 hours ago
Minister Idris: Tinubu’s Economic Reforms Are Painful but Crucial for Nigeria’s Long-Term Stability
National

Minister Idris: Tinubu’s Economic Reforms Are Painful but Crucial for Nigeria’s Long-Term Stability

11 hours ago
Benue Youths Protest APC’s Politicization of Tinubu’s Visit After Herdsmen Killings
National

Benue Youths Protest APC’s Politicization of Tinubu’s Visit After Herdsmen Killings

11 hours ago
Peter Obi Condemns Tinubu and Alia for Politicizing Condolence Visit Amid Benue Killings
National

Peter Obi Condemns Tinubu and Alia for Politicizing Condolence Visit Amid Benue Killings

11 hours ago
2027: APC Chieftain Dispels ‘Malicious Rumours’ Of Plans To Substitute Shettima 
National

2027: APC Chieftain Dispels ‘Malicious Rumours’ Of Plans To Substitute Shettima 

2 days ago

POLITICS

Former Loyalist accuses Peter Obi of Betrayal

Former Loyalist accuses Peter Obi of Betrayal

6 days ago
2027 election: `Democracy must reflect will of the people` Peter Obi warns

Labour Party Chieftain points accusing fingers at Obi over crisis

6 days ago
Saraki Replies To Tinubu’s Mockery Of Opposition, Says They Will Sort Themselves Out.

Saraki Replies To Tinubu’s Mockery Of Opposition, Says They Will Sort Themselves Out.

7 days ago
Peter Obi Accuses Tinubu Of Hypocrisy, Misplaced Priorities

Peter Obi Accuses Tinubu Of Hypocrisy, Misplaced Priorities

7 days ago
I’m glad PDP, LP, NNPP are in crisis – Tinubu

I’m glad PDP, LP, NNPP are in crisis – Tinubu

7 days ago
Democracy Day: It Is Indeed A Pleasure To Witness You In Such A Disarray – Tinubu to Opposition Parties

Democracy Day: It Is Indeed A Pleasure To Witness You In Such A Disarray – Tinubu to Opposition Parties

1 week ago

YOUR ECONOMY

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

3 days ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

3 days ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery Begins Distribution of Petrol Nationwide

4 days ago
Nigeria Stock Exchange to Partner with Hong Kong’s Stock market
Economy

Nigeria Stock Exchange to Partner with Hong Kong’s Stock market

1 week ago
Dangote refinery is Tinubu’s brainchild – Aliko
Economy

Dangote refinery is Tinubu’s brainchild – Aliko

2 weeks ago
FG will revive cocoa industry – Shettima
Economy

FG will revive cocoa industry – Shettima

2 weeks ago

E & P

Breaking: Barcelona Sign Catalan Goalkeeper Joan García for €25m After Domestic Treble Success
Sports

Breaking: Barcelona Sign Catalan Goalkeeper Joan García for €25m After Domestic Treble Success

by Steven Atogi
10 hours ago
0

Barcelona signs Joan García as the club looks to reinforce its squad with a more agile, reliable goalkeeper.After winning the...

Trent Alexander-Arnold unveiled for Real Madrid

Trent Alexander-Arnold unveiled for Real Madrid

7 days ago
Matheus Cunha joins Man United from Wolves

Matheus Cunha joins Man United from Wolves

1 week ago
Friendlies: Senegal’s Lions of Teranga beat England’s Three Lions 3-1

Friendlies: Senegal’s Lions of Teranga beat England’s Three Lions 3-1

1 week ago
Nuno Mendes shines at Nations League final

Nuno Mendes shines at Nations League final

2 weeks ago
Portugal beats Spain in Nations League final

Portugal beats Spain in Nations League final

2 weeks ago

YOUR THOUGHT & HISTORY

ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
4 months ago
Data Visualizations
Columns

Five Key Considerations for Creating Effective Data Visualizations

by Blessing Chinyere Daniel
5 months ago
The Transformative Power of AI in Revolutionizing Industries and Empowering Growth
Columns

The Transformative Power of AI in Revolutionizing Industries and Empowering Growth

by Blessing Chinyere Daniel
6 months ago
Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit
Columns

Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit

by Uloma Harrison-Ikenwanze
6 months ago
The Power of Data in Today’s World
Columns

The Power of Data in Today’s World

by Blessing Chinyere Daniel
7 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

North Carolina Declares June 14 as Igbo Day

North Carolina Declares June 14 as Igbo Day

June 19, 2025
Air India Says Boeing Dreamliner Was in Good Condition Before Deadly Crash 

Air India Says Boeing Dreamliner Was in Good Condition Before Deadly Crash 

June 19, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address