MTN Nigeria loses N519bn in six months due to inflation, weak naira

MTN Nigeria Communications Plc reported a loss after tax of $519.1 billion for the first half of 2024, due to record-high inflation and a weaker naira.

This disclosure was made in its financial results for the period ending June 2024, according to an e-copy of the report obtained by The PUNCH on Wednesday.

Commenting on the results, the Chief Executive Officer of MTN Nigeria said, “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,” the CEO said.

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Naira seems to be killing every business in Nigeria gradually, not surprising though, the constant depreciation of Naira in the fx market is really affecting businesses, even the petty traders are complaining that each time they try to restock their shops, they finds out the prices of goods have skyrocketed resulting to heavy lost, the farmers are complaining that the cost of cultivation coupled with insecurity is resulting to heavy lost, drivers are complaining about the high cost of fuel and hight cost of spare parts, as it is now the only set of people not complaining about the state of the Nation today are our politicians, this is because they are the reason we are going through all this hardship. I am appealing to every Nigerians, let's try as much as we can to put tribalism and bribery aside come 2027 and vote out incompetent leaders, there is nothing special about having your tribesman as the president of the country, as a matter of fact he doesn't even know you exist, if we continue selling our vote and tribalism in this country then Nigeria will continue to move backward

They should join the protest