PZ Cussons has revealed that it has seen ‘some improvement’ in its Nigerian operations after the country’s decision to switch to a flexible exchange rate in June.
In a trading update covering the June 1 to September 27, 2016 period, the company said that liquidity problems had eased since the new exchange policy was ushered in this summer. However, with Nigeria suffering its worst recession in decades, the naira is still precarious, dropping 40 percent in the wake of the introduction of the floating rate.
“Performance across personal care, home care, electricals and food and nutrition has been robust in the period,” said the company in the trading statement released on Wednesday. “The Group’s diverse brand portfolio with product offerings at all price points is working well in an environment where the consumer is under significant inflationary pressure.”