Firms’ earnings take hit from naira crunch, elections

From brewers to drugmakers, a number of companies in Nigeria have seen their first-quarter earnings take a tumble on the back of the cash crisis and concerns about elections that dampened economic activity.

The cash shortages occasioned by the naira redesign policy of the central bank combined with petrol scarcity, high inflation and rising interest rates to compound the challenges faced by households and businesses in the first three months of the year.

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