Airtel Africa expects fresh blow to financial performance amid Nigeria’s forex market reforms

  • 📰 PremiumTimesng
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 78%

United States News News

United States United States Latest News,United States United States Headlines

Airtel Africa, the continent’s unit of New Delhi’s telecommunications titan Bharti Airtel, is the biggest company in Nigeria by market value, currently worth N4.8 trillion ($7 billion).

Airtel Africa has expressed fears that the ongoing reform of the Nigerian foreign exchange regime could impact its financials.

In addition to the phasing out of the costly fuel subsidy regime, President Bola Tinubu has shown commitments to a policy reset in the nation’s forex market by closing the spread between the official and the parallel market rates. In London, the company’s share price had dropped 2.4 per cent by 14:30 West Africa Time, following the news.

Airtel assured, in the document seen by PREMIUM TIMES, that “USD component of operating costs within the Nigerian business is minimal,” with no effect expected on EBITDA margin.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines