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.

Journalism is broken in Africa


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