Currency Devaluation Cuts Airtel Africa’s Revenue To $2.37bn In H1 2024 …C0NTINUE READING HERE >>>
Airtel Africa’s revenue declined to $2.37 billion in the half-year ending September 30, 2024, due to the sharp depreciation of the Nigerian naira.
Despite a 19.9 per cent increase in revenue in constant currency, reported revenue fell by 9.7 per cent, as the weakened naira impacted the company’s earnings.
The Central Bank of Nigeria’s (CBN) decision to unify the foreign exchange rate in 2023 contributed to the naira’s significant drop from N471/$ to N1,601.20 by October 2024.
The company’s financial report for this period also highlighted how rising fuel prices across…
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