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Naira Devaluation Cuts MTN Nigeria’s Profit, Records N514.9 Billion Loss

Naira Devaluation Cuts MTN Nigeria’s Profit, Records N514.9 Billion Loss

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MTN Nigeria has reported a major loss of N514.9 billion after tax for the first nine months of 2024. This loss was mainly due to the naira’s devaluation, which affected many companies in Nigeria.

The company’s Profit After Tax (PAT) dropped by 59.2%, falling to N118.5 billion after adjusting for currency losses.

MTN’s subscriber count also reduced to 77 million, impacted by the government’s NIN-SIM linking policy, which required users to link their National Identification Numbers with their SIM cards.

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Naira Devaluation Cuts MTN Nigeria’s Profit, Records N514.9 Billion Loss

Naira Devaluation Cuts MTN Nigeria’s Profit, Records N514.9 Billion Loss

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Naira Devaluation Cuts MTN Nigeria’s Profit, Records N514.9 Billion Loss Naira Devaluation Cuts MTN Nigeria’s Profit, Records N514.9 Billion Loss

breakingnews

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Naira Devaluation Cuts MTN Nigeria’s Profit, Records N514.9 Billion Loss

Naira Devaluation Cuts MTN Nigeria’s Profit, Records N514.9 Billion Loss