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

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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.

Strategies for maintaining SME profitability amid inflation
“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…