Nigeria’s largest miller, Four Mills, reported its first loss in about four years, primarily due to the depreciation of the Nigerian naira, which increased the cost of servicing overseas loans. The firm incurred a significant FX loss but noted without the local-currency depreciation, its operating profit would have risen by 52%. Earlier this year, six of Nigeria’s leading companies reported a combined loss of USD 385 mln due to revaluation of overseas loans after a 40% plunge in the value of the naira.