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MTN Group says it is in talks with the Nigerian Communications Commission to increase tariffs due to foreign exchange impact.with Bloomberg on Monday.
Mupita made this known while speaking on three broad areas the company is working on to limit the impact of the currency devaluation.Aside from speaking with the regulator, he said part of the solution in tackling FX impact could beborrowings, renegotiating with IHS Towers, a telecommunications infrastructure provider, and reducing expenditure.
“The first is to look at borrowings and that would have taken particularly the kind of letters of credit that would have been used to procure capex, so looking at reducing the outstanding balances there.“The other is we are in conversations with IHS, in particular around some of our top contracts. We have sat down and we are looking at aspects that we can renegotiate to lessen the impact.
“When we consolidate at the group level, obviously, the Nigeria earnings would have been reduced. But, there was a second headwind, which was that there were foreign exchange losses that came through.
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