Strong underlying performances by Nigerian telecommunications businesses listed on the stock exchange in the first quarter of 2024 were overshadowed by foreign exchange losses.


Together, MTN Nigeria and Airtel Africa lost N511.27 billion, mostly as a result of the naira’s nearly 30% depreciation this year.

Compared to its Q1, 2023 profit after tax of N104.65 billion ($227 million), Airtel Africa’s Q1 loss after tax was N118.57 billion ($91 million).


Similarly, MTN Nigeria’s N108.43 billion profit after taxes for the same time last year is not the same as its N392.69 billion loss after taxes. Foreign exchange headwinds were the reason given by both corporations for these losses.


Airtel Africa’s foreign exchange loss for the full year ending March 2024 was $549 million, while MTN’s loss for the first quarter was N575.69 billion. Airtel attributed this loss to the devaluations of the naira in June 2023 and the kwacha in Malawi in November 2023.

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