{"id":75667,"date":"2024-03-01T10:07:05","date_gmt":"2024-03-01T09:07:05","guid":{"rendered":"https:\/\/newsonlineng.com\/?p=75667"},"modified":"2024-03-01T21:00:46","modified_gmt":"2024-03-01T20:00:46","slug":"mtn-nigeria-shareholders-funds-wiped-out-over-n740-billion-fx-losses","status":"publish","type":"post","link":"https:\/\/newsonlineng.com\/mtn-nigeria-shareholders-funds-wiped-out-over-n740-billion-fx-losses\/","title":{"rendered":"MTN Nigeria Shareholders Funds Wiped Out Over N740 Billion FX Losses"},"content":{"rendered":"
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MTN Nigeria Shareholders Funds have been wiped out over N740 Billion FX losses incurred by the telecom giant.<\/strong><\/h2>\n

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NewsOnline Nigeria<\/a><\/strong> reports that MTN Nigeria Shareholders Funds<\/strong> has been wiped out following the report of a loss before tax of N177.8 billion<\/strong> compared to a pre-tax profit of N518.8 billion a year earlier.<\/p>\n

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This Nigeria news platform understands that the company attributed the losses to a massive foreign currency loss of N740 billion<\/strong>\u00a0up from N81 billion reported in 2022.<\/p>\n

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SEE ALSO: Nestle Nigeria Shareholders’ Funds Wiped Out Over N104 Billion Loss<\/strong><\/a><\/h2>\n

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This is the company\u2019s first-ever loss since it became a quoted company in Nigeria.<\/p>\n

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According to MTN, \u201cthe loss was significantly due to operational changes to the Nigerian Foreign exchange market, including the abolishment of the segmented\/parallel structure announced by CBN in June 2023.\u201d<\/p>\n

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MTN also stated that it has used an official (NAFEM) exchange rate\u00a0of N907.11\/$1<\/strong>\u00a0as of 31 December 2023 suggesting losss could be wider if the current exchange rate between the naira and dollar persis by the end of March when it publishes its Q1 results.<\/p>\n

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Key Highlights<\/strong>\u00a0<\/span><\/p>\n