MTN which is facing challenges to repay its loans due to currency constraints is considering listing on the Nigerian Stock Exchange.  Nigeria, is the largest contributor to MTN’s earnings out of the group’s 22 markets said Brett Goschen, MTN’s chief financial officer. He said that it is difficult to access forex in and out of Nigeria and as a result MTN Nigeria defaulted on dollar-denominated loan repayments in Nigeria last year, as it was unable to get access to funds amounting to R991-million. He said that MTN is in the process of putting measures that ensure that this currency situation does not affect the company further.
The Nigerian economy is struggling after global oil prices plunged to under $30 per barrel in 2015. The Nigeria’s central bank is in control of the naira exchange rate and is making efforts to keep it steady by restricting access to other currencies.William Jackson, an analyst said that the central bank should let the official naira rate weaken and hike interest rates to shore up capital inflows. he says it it inevitable but is not likely to occur this month.
 

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