MTN and Airtel are finding ways to recover after reporting a combined $1.56 billion loss due to the naira’s devaluation.
Telecom giants MTN and Airtel are pivoting to a naira-focused strategy after suffering $1.56 billion in FX losses due to the naira’s steep depreciation. Both companies have reduced their foreign loans, renegotiated contracts to minimize dollar liabilities, and implemented cost-saving measures. Despite these efforts, the telecom industry is advocating for a tariff increase to align with economic realities and ensure sustainability.
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