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Weak naira continues to hamper MTN Nigeria - BUSINESSDAYLIVE

OCTOBER 31, 2024

Earnings remain under severe pressure mostly due to naira depreciation, worsened by higher energy costs and general inflation

by Jacqueline Mackenzie

The sharp depreciation of the naira this year continued to weigh on MTN Nigeria’s profits, but the group turned in a resilient performance despite macroeconomic pressures and regulatory challenges.

The group managed to eke out a profit of 4.13-billion naira (about R42m) in the third quarter, but for the nine months ended September the group's losses widened to 514.9-billion naira from a loss of 14.9-billion naira a year ago...

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