MTN Nigeria Communications Plc recorded a net loss of $519.1 billion in the first half of 2024, attributed to soaring inflation rates and a devalued naira.
The company's financial report for the period ending June
2024, as seen in an electronic version of the document obtained on Wednesday,
revealed this information.
In reference to the outcomes, the Chief Executive Officer of
MTN Nigeria remarked on the challenging macroeconomic conditions in Nigeria
during the specified period. The nation has been contending with escalating
inflation and the ongoing depreciation of the naira against the US dollar and
other foreign currencies.
The Inflation rate reached 34.2% in June, with an average
rate of 32.8% for the first half of the year. The naira closed June 2024 at
N1,505/$ (December 2023: N907/$) at the Nigerian Autonomous Foreign Exchange
Market, the CEO stated.