Business

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

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 Newsmen 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.

Details to follow…

Akanji Philip

Akanji Philip has been working as a reporter with VOICE AIR MEDIA, both onsite at the head office in Odi-Olowo, Osogbo, and remotely since 2021. He has covered events at notable political venues, involving prominent figures such as former Osun Governor Adegboyega Oyetola, current Osun State Governor Senator Isiaka Adetunji Adeleke, former Vice President Professor Yemi Osinbajo, the late Ondo Governor Rotimi Akeredolu, Oyo State Governor Seyi Makinde, and various other representatives and lawmakers. In addition, he has represented the company at various press conferences at police stations and has reported on occasions featuring entertainers and actors, such as Kola Oyewo during Oba-Ile Day in Osun State, among others. 📞 +2349058501092, +2348137827714 ✉️ akanjiphilips100@gmail.com