MTN Earnings Hit by N400bn Loss as Naira Devaluation Takes Toll   MTN Nigeria reported a N400.44bn loss after tax for the year ended December 31, 2024, as the devaluation of the naira drove up foreign exchange losses and weighed on the company’s earnings. The loss, disclosed...

Despite economic hardship, naira devaluation and the Central Bank of Nigeria’s (CBN) interest rate increase has tripled the earnings of some of Nigeria’s biggest banks in the first quarter of 2024. 

Naira Devaluation: MTN, Airtel Lost N1.29 trillion in 2023 The devaluation of the naira last year took a big bite out of the revenues of two of the country’s biggest telecommunications companies. Airtel and MTN Nigeria lost N1.29 trillion to the devaluation. MTN posted a loss...

Naira Devaluation: MTN, Airtel Lost N1.29 trillion in 2023 The devaluation of the naira last year took a big bite out of the revenues of two of the country’s biggest telecommunications companies. Airtel and MTN Nigeria lost N1.29 trillion to the devaluation. MTN posted a loss...

Naira Devaluation Pushes Nigeria’s Export To N42trn   The value of Nigeria’s export may rise to at least N41.99tn per year following the Central Bank of Nigeria float of the naira. The apex bank had last Wednesday directed Deposit Money Banks to remove the rate cap on...

BoA Says Naira May Devalue By 20% In 2023   Nigeria’s local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value, according to Bank of America (BOA). According to a report by Bloomberg, economist...