Nigeria, April 30 -- A 50 per cent tariff increase in February helped boost MTN Nigeria's first-quarter profit by 134 per cent as the company gradually eases its way out of a financial distress triggered by a 2023 devaluation of the naira.

Profit after tax stood at N133.7 billion for the three months to March, according to its latest earnings report, compared to a net loss of N392.7 billion a year earlier.

That extended its run of profitability for the third consecutive quarter since last June after an FX loss of N740 billion from a whirlwind of exchange rate volatility battered profits for most part of 2023 through last year.

Apart from triggering a record loss in 2023, the crisis caused liabilities to exceed assets, putting MTN Niger...