MTN Nigeria Communications Plc announced a loss after tax of $519.1 billion for the first half of 2024, attributing the decline to soaring inflation and a weakened naira.
In its financial results for the period ending June 2024, the company highlighted the challenging macroeconomic environment in Nigeria.
The Chief Executive Officer of MTN Nigeria commented, “Nigeria has faced significant economic challenges during this period. Rising inflation and the continued depreciation of the naira against the US dollar and other currencies have impacted our financial performance.”
He noted that the inflation rate reached 34.2 percent in June, with an average rate of 32.8 percent for the first half of the year. Additionally, the naira closed June 2024 at N1,505/$ (compared to N907/$ in December 2023) in the Nigerian Autonomous Foreign Exchange Market.
