MTN Nigeria Communications Plc reported a loss then tax of $519.1 billion for the primary part of 2024, because of record-high inflation and a weaker naira.
This disclosure was once made in its monetary effects for the duration finishing June 2024, consistent with an e-copy of the file got by way of The PUNCH on Wednesday.
Commenting at the effects, the Leading Government Officer of MTN Nigeria stated, “The macroeconomic situations in Nigeria were difficult right through this era. The rustic has been grappling with emerging inflation and the continuing depreciation of the naira in opposition to america buck and alternative currencies.
“The inflation rate reached 34.2 per cent in June, with an average rate of 32.8 per cent for the first half of the year, while the naira closed June 2024 at N1,505/$ (December 2023: N907/$) at the Nigerian Autonomous Foreign Exchange Market,” the CEO stated.
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