Today’s black market dollar-to-naira exchange rate for November 6, 2024, reveals continued currency fluctuations, with buyers acquiring dollars at ₦1725 and selling at ₦1735, according to Bureau De Change sources. Notably, these rates are unofficial and not endorsed by the Central Bank of Nigeria (CBN), which advises individuals to conduct forex transactions through banks. The CBN’s official dollar-to-naira rate remains at ₦1664 for buying and ₦1665 for selling.
In parallel with the volatile forex market, MTN Nigeria reported a significant financial impact due to naira devaluation. The telecom giant recorded a post-tax loss of ₦514.9 billion for the nine months ending September 30, 2024, contrasting with a profit of ₦4.1 billion in the previous quarter. The net foreign exchange loss played a major role, reducing the adjusted Profit After Tax (PAT) to ₦118.5 billion—a decline of 59.2%.
Despite the economic headwinds, MTN’s service revenue rose by 33.6%, totaling ₦2.4 trillion. However, the company faced a slight decline in subscribers, down 0.9% to 77 million, due to regulatory NIN-SIM linkage rules. Active data users rose by 5.1% to reach 45.3 million, while active mobile money wallets dropped by 21.8%, totaling 2.8 million, reflecting the challenging operating environment.
