Weak naira squeezes cocoa processors, chocolatiers

…Ton of cocoa surges 567% in one year The steep devaluation of the naira is taking a heavy toll on cocoa processors and chocolate makers who now have to pay more to access their most important input. Cocoa prices are quoted in dollars and euros. As a result, cocoa price has surged by over 567 percent in one year, hitting N12.5 million per ton in November, aided by the sharp depreciation of the naira. The situation is making it unattractive for processors and craft chocolate makers to increase value addition an