Netherlands-based FrieslandCampina flagged up €63 million (N30.9 billion at N490.4/€1) in exchange rate losses in its Nigerian subsidiary as a pressure point for operating profit in 2022.
The expenditure constituted 22 per cent of the group’s operating costs last year as a foreign exchange drought meant its converted part of locally earned revenue at a steep cost from naira to US dollars in order to pay international trade creditors.
One of the worst performing currencies of the year, the naira plunged 37 per cent against the greenback as of 6 November, coming after Sri Lanka’s rupee and Ghana’s cedi on top of the pile.
