- Some manufacturers, including top cement producers like Dangote, BUA, and Lafarge, reported a massive jump in FX losses
- The combined sales of the top three manufacturers in the industry increased from N604.8 billion in Q1 2023 to N1.12 trillion
- This is as the local currency, the naira, reached a high of N1,900 against the US dollar in February, causing companies to revalue
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Eight manufacturers, including Dangote, BUA, and Lafarge, experienced foreign exchange-related losses of N627.7 billion in the first quarter of this year.
