Black Market Dollar To Naira Hits High On 6th November 2024

Black Market Dollar To Naira Hits High On 6th November 2024

Current Dollar to Naira Exchange Rates
Get the latest exchange rates for USD to NGN (Naira) in the parallel market (also known as the black market). Here’s the rate for 5th November 2024:…..CONTINUE READING 

• Buying Rate (Black Market): ₦1,725
• Selling Rate (Black Market): ₦1,735

Please note, the Central Bank of Nigeria (CBN) does not recognize the parallel market and recommends individuals to exchange currencies through their banks.

CBN Official Rates (Today)

• Buying Rate: ₦1,664
• Selling Rate: ₦1,665

MTN Nigeria Faces ₦514.9 Billion Loss Due to Naira Devaluation
MTN Nigeria Communications Plc has reported a significant after-tax loss of ₦514.9 billion for the nine months ending 30th September 2024. This contrasts with a profit of ₦4.1 billion in Q3 2024. The loss is attributed mainly to the naira’s devaluation, resulting in a decline in Profit After Tax (PAT) by 59.2%.

However, MTN saw a 33.6% rise in service revenue, reaching ₦2.4 trillion. Despite the challenges, the company faced a slight drop in subscribers, a decrease of 0.9%, mainly due to the NIN-SIM linkage. Active data users, however, increased by 5.1%, reaching 45.3 million.