Fall & Fall of Naira?

The Naira-Dollar Affair: To Hit $1M In 2020, Nigerians Must Earn ₦450M; 3X The 2015 Sum

By  |  September 23, 2020

If a firm runs two branches of the same business in South Africa and Nigeria -- and both businesses are hitting identical figures as revenue in the respective local currencies -- the South African entity would, at the moment, be earning roughly USD 26 Mn for every USD 1 Mn the Nigerian branch manages to muster.

If a foreign multinational saw its profit in Nigeria move from NGN 364 Mn last year to NGN 450 Mn this year, that firm hasn’t seen any profit growth.

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