MTN and Airtel cut FX debt by $867 million.
MTN and Airtel reduce FX debt by $867 million, addressing losses from naira depreciation. Both telecom giants cut their foreign currency obligations, with MTN reducing LC exposure from $416.6M to $100M and Airtel clearing $550M debt, achieving zero-debt status at HoldCo. This move aims to mitigate financial losses amid currency volatility and improve financial stability.
