August 21, 2018

MTN expects Nigeria to devalue the Naira

MTN expects Nigeria to devalue the Naira

South Africa’s MTN Group expects Nigeria to devalue the naira by up to 22 percent at some point this year, chief financial officer Brett Goschen said on Thursday.

Africa’s biggest wireless operator is in talks with Nigerian authorities to reduce a $3.9 billion fine imposed last year for failing to cut off unregistered SIM card users.

Nigeria’s naira trades officially at 197 against the dollar but changes hands on the black market at nearer 350 to the greenback. Goschen said he expects Nigeria’s central bank will devalue the official rate to 230-240/$ this year. Read more

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