On October 28, 2024, the black market dollar-to-naira exchange rate saw a significant jump, with Bureau De Change (BDC) operators in Lagos buying dollars at N1740 and selling at N1746. The Central Bank of Nigeria (CBN) continues to distance itself from the parallel market, advising individuals to engage in foreign exchange transactions through their banks.
Meanwhile, the decline in the naira has impacted businesses, including Airtel Africa, which reported a revenue drop to $2.37 billion due to the naira’s devaluation. Despite a 19.9% revenue increase in constant currency, the weakened naira affected Airtel’s earnings, lowering its EBITDA margin to 45.8% from 49.6% in the first half of 2024. Airtel Africa’s report highlighted a net $151 million loss due to currency depreciation, though the company noted a 6.1% rise in customer base, reaching 156.6 million subscribers.
