MTN Nigeria Communications Plc has disclosed a loss after tax of $519.1 billion for the first half of 2024, because of the country’s record-high inflation and a weaker naira.... CLICK TO READ THE FULL NEWS HERE▶▶
This was made known in its financial results for the period ending June 2024.
Reacting to the report, the Chief Executive Officer of MTN Nigeria noted: “The macroeconomic conditions in Nigeria have been challenging during this period.
“The country has been grappling with rising inflation and the continued depreciation of the naira against the US dollar and other currencies.
“The inflation rate reached 34.2 per cent in June, with an average rate of 32.8 per cent for the first half of the year, while the naira closed June 2024 at N1,505/$ (December 2023: N907/$) at the Nigerian Autonomous Foreign Exchange Market.”
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