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LequteMan
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Africa's largest telecoms operator, MTN, put a positive gloss on Tuesday's devaluation of the naira, saying the weaker Nigerian currency would also reduce costs in its biggest African market, Reuters reports.
The Central Bank of Nigeria devalued the naira by 8 percent on Tuesday after Governor Godwin Emefiele admitted plunging oil prices were making it hard to defend the currency.
Declining to quantify the impact of the devaluation on its revenues, which was triggered by a sharply weaker interbank naira rate over the last two months, MTN noted that the currency movement would also reduce its costs.
"We endeavour to have as large a portion as possible of our costs in each operation denominated in local currency, which would in turn offer some protection against the currency movement," it said in a statement.
Although the naira is near a record low against the dollar, it is reportedly faring slightly better against South Africa's rand , MTN's reporting currency.
#Nigeria #MTN #Naira
The Central Bank of Nigeria devalued the naira by 8 percent on Tuesday after Governor Godwin Emefiele admitted plunging oil prices were making it hard to defend the currency.
Declining to quantify the impact of the devaluation on its revenues, which was triggered by a sharply weaker interbank naira rate over the last two months, MTN noted that the currency movement would also reduce its costs.
"We endeavour to have as large a portion as possible of our costs in each operation denominated in local currency, which would in turn offer some protection against the currency movement," it said in a statement.
Although the naira is near a record low against the dollar, it is reportedly faring slightly better against South Africa's rand , MTN's reporting currency.
#Nigeria #MTN #Naira
