MTN, The Africa largest wireless carrier with operations in 22 countries is said to have commenced talks with The Central Bank of Nigeria for early repayment of almost $600 million of debt it owes some Nigerian banks so as to save its image from possible damage.
This move was aimed at reducing further exposure of the naira which has weakened against the US dollar.
The Chief Executive Officer of the Group, Sifiso Dabengwa, said "We have already been negotiating with the lenders but the challenge has been getting the central bank to approve that we can accelerate the payment; It would help alot in terms of dealing with the currency fluctuations". -Bloomberg
This move was aimed at reducing further exposure of the naira which has weakened against the US dollar.
The Chief Executive Officer of the Group, Sifiso Dabengwa, said "We have already been negotiating with the lenders but the challenge has been getting the central bank to approve that we can accelerate the payment; It would help alot in terms of dealing with the currency fluctuations". -Bloomberg
No comments:
Post a Comment