B&M remains cordoned off as attempted murder investigation after stabbing continues
A Preston store remains closed and a cordon in place after an incident police are treating as attempted murder. Officers were called to B&M at around 12.37pm this afternoon (26 […]
<p><img width="980" height="600" src="https://www.naijanews.com/wp-content/uploads/2024/02/Beer.jpg-980x600.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Economic Crisis: Many Nigerians Can No Longer Afford Beer - Nigerian Breweries CEO" decoding="async" fetchpriority="high" /></p>
<h2>The Chief Executive Officer of <a href="https://www.naijanews.com/topic/Nigerian-Breweries">Nigerian Breweries</a> Plc, Hans Essaadi, has stated that due to the current economic situation in Nigeria, citizens are finding it difficult to afford beer.</h2>
<p><strong>Naija News</strong> reports that Essaadi made this statement on Monday during an investor call that followed the release of its 2023 results.</p>
<p>Essaadi noted that it had been an unparalleled year for their business in Nigeria, witnessing a notable downturn in the mainstream lager market due to Nigerian consumers' inability to afford a Goldberg after a laborious day.</p>
<p>According to Bloomberg, NB incurred a foreign exchange loss of N153 billion attributed to the devaluation of the naira for the year ending December 2023.</p>
<p>NB increased the prices of its products in August 2023 to offset the continuous surge in input costs.</p>
<p>Among the alcoholic beverages produced by NB are Star Lager, Gulder, Legend Extra Stout, Heineken, Goldberg, Life, and Star Radler.</p>
<p>The NB Board of Directors commented on the financial results: "<em>The Nigeria business landscape experienced significant shifts in 2023 with substantial impact on businesses and livelihoods nationwide. The redesign of the naira notes, which resulted in a cash shortage that severely hampered social and economic activities nationwide, set the tone for a turbulent year.</em></p>
<p><em>“High double-digit inflation rates (with food inflation at more than 30 per cent), removal of subsidy on premium motor spirit (fuel), devaluation of the naira, and foreign exchange scarcity further exacerbated the already difficult environment for the populace and businesses.</em>”</p>
<p>He added that despite the headwinds, “<em>The company was able to grow its revenue by nine per cent compared to the previous year aided by a positive price mix. However, the operating profit fell by 15 per cent due to higher input cost and one-off reorganisation costs despite strong and aggressive cost savings and other efficiency measures. Coupled with the impact of the devaluation of the naira, which resulted in a foreign exchange loss of N153 billion, the Company recorded a net loss of N106 billion during the year.</em>”</p>
<p>The board emphasized its readiness to leverage its extensive experience in Nigeria to navigate the current macroeconomic challenges.</p>
<p>Despite the challenging environment, the company said it is committed to drawing from its over 77 years of operation in Nigeria to adapt to present conditions.</p>
<p>The post <a href="https://www.naijanews.com/2024/02/20/economic-crisis-many-nigerians-can-no-longer-afford-beer-nigerian-breweries-ceo/">Economic Crisis: Many Nigerians Can No Longer Afford Beer – Nigerian Breweries CEO</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
<p><img width="1000" height="600" src="https://www.naijanews.com/wp-content/uploads/2024/04/Naira-1000x600.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Naira Note Mutilation: What You Should Know About Jail Sentences, Fines, Other Consequences" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2024/04/Naira-1000x600.jpg 1000w, https://www.naijanews.com/wp-content/uploads/2024/04/Naira-590x354.jpg 590w, https://www.naijanews.com/wp-content/uploads/2024/04/Naira-400x240.jpg 400w" sizes="(max-width: 1000px) 100vw, 1000px" /></p>
<h2>The <a href="https://www.naijanews.com/topic/naira/">Naira's</a> depreciation over recent months has led to significant setbacks in the West African market, with trans-border traders increasingly rejecting the Nigerian currency in favor of the CFA or other local currencies of non-francophone countries.</h2>
<p>Investigations by Vanguard at the Seme border reveal a shift in currency preference among traders, marking a departure from the era when the Naira dominated the sub-regional economy.</p>
<p>Historically, the Naira was the preferred medium of exchange due to Nigeria's substantial trade volume with neighboring countries.</p>
<p>However, the currency's status has been in decline since February, culminating in its outright rejection by March 2024.</p>
<p>Traders, including Nigerians, express concerns over the Naira's falling value, with the worst depreciation rates recorded in the recent months.</p>
<p>Official figures show a steep decline in the Naira's value against the CFA, dropping from N1/1.5CFA in early 2023 to N1/0.37595CFA recently.</p>
<p>Despite a slight improvement, the Naira remains far from its former strength, impacting the cost of goods imported into Nigeria and slowing business activity in border towns of Nigeria and the Benin Republic.</p>
<p>On-ground reports from Benin-Nigeria border markets indicate a dwindling presence of the Nigerian currency, with money changers and transport operators opting for the CFA to avoid losses due to the Naira's instability.</p>
<p>Ibrahim Yakubu, a bike rider, and Taiye Ekiti, a money changer, voiced their preference for the CFA over the Naira, attributing the shift to the dollar's influence on the Naira's depreciation.</p>
<p>Traders like Mr. Achi Collins, dealing in second-hand clothing, note the reluctance of their counterparts to accept the Naira, forcing customers to exchange their money to CFA.</p>
<p>Although a few traders in Seme may still accept Naira, the exchange rate's impact is reflected in higher prices for goods.</p>
<p>The rejection of the Naira in major cities of the Benin Republic further underscores the currency's diminished value, with traders insisting on CFA for transactions.</p>
<p>Before now, Naira was accepted on the west coast, up to Ivory Coast and Senegal. Traders freely spent Naira in many countries of West Africa.</p>
<p>Nigerian sports journalists who covered sports events in Benin Republic, Togo, Ghana, Senegal and Ivory Coast spent Naira in the markets of these countries.</p>
<p>Naira was stronger than CFA then. Those days are gone. The naira is now rejected in these countries.</p>
<p>The post <a href="https://www.naijanews.com/2024/04/06/depreciation-trans-border-traders-reject-naira-ask-for-cfa/">Depreciation: Trans-Border Traders Reject Naira, Ask For CFA</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
An uncontrolled cockroach infestation and the discovery of a rat were just two of the reasons a New Hall Lane takeaway was forced to close temporarily. Officers from Preston City […]
