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The devaluation of the naira has had a significant impact on MTN Nigeria’s financial growth in the second quarter of 2023.
The company reported an unrealized forex loss of N131.5 billion, which is a substantial increase compared to the previous year.
This loss is attributed to increased borrowings and the devaluation of the naira.
In response to this, House of Representatives member Beni Lar has warned that the dollar rate could rise to N1000 by December 2023 if the government does not intervene in the foreign exchange market.
Lar emphasized that the depreciation of the naira has caused hardship in Nigeria and has affected Nigerians’ ability to study abroad.
In a separate development, two individuals, Osazuwa Osayi and Osayimwense Uyi, founders of Agropartnerships and Farmforte, have been fined N1.2 million for operating an illegal investment company.
The Securities and Exchange Commission (SEC) accused them of using their accounts in Nigerian banks for unlawful capital market operations.
