MTN Group Limited has abandoned plans to repay early, about $500 million of debt held in Nigeria, saying it can’t get hold of dollars in the African wireless carrier’s biggest market.

“We had looked to do the early resettlement but currently we are not able to,” Nik Kershaw, Head of Investor Relations, told Bloomberg on phone monday.

“In Nigeria there is limited availability of the hard currency.”
MTN, which has more than 230 million mobile-phone customers in 22 countries, said August 5 it was in talks with Nigeria’s Central Bank about the early repayment of borrowings to reduce exposure to the naira, which has weakened against the US dollar this year.
According to Bloomberg, the Johannesburg-based company sees the naira deteriorating further, Kershaw said.

Declines in emerging market currencies against the dollar, including the South African rand, will hurt the business, Kershaw said.
The cost of importing handsets into South Africa could rise, for example, with the difference to be passed onto the consumer.

“If the handset pricing goes up because the currency weakens, it’s going to cost the consumer more,” Kershaw said.

The rand tumbled to a record low yesterday on concern global commodity prices will worsen the country’s economic outlook. The currency traded two per cent weaker at 13.2340 against the dollar as of 12:54 p.m. in Johannesburg. MTN shares declined 4.9 per cent to 168.50 rand, compared with a 2.5 per cent fall on the FTSE/JSE Africa Top 40 Index.

MTN will take time to consider how to respond to the rand’s weakness in terms of cost controls and investment plans, Kershaw said.
“When we do the next budget cycle we’ll review that. We’re not going to have a short-term, knee jerk reaction to the currency moving, you need to see how things play out over the next couple of months,” he said.

http://www.thisdaylive.com/articles/mtn-scraps-early-debt-payment-amid-currency-shortage/218407/ lalasticlala

PMB will soon treat their 4kup.. introvert, sorry oooo.. FTC!

ok

.

[size=13pt]Almost 100days in office and N1 != $1. Our Democracy has been scammed! [/size]

When I saw d topic, I thought dey meant d deduction of borrowed
airtime

J

EmptyHen sabi confuse people ehn

Stelvin101:

dapsoneh:
K

INTROVERT:
ok

Vstuffs:
Ok

MrRobot:
d

Eeshfar779:
k

Evaromantik:
J

Smh

who else found those analysis "weird"

#AmNotAnEconomist

E no concern me

Whtt can I eat this morning nah

E don start, campaign promises. Buhari help us out here o

Booohari oh

Where is President prime minister Admiral General BuharI

$1 = N 1.....let's wait and see

How come they owe so much? I still recharged 750 this morning nah....haba!

dapsoneh:
K

INTROVERT:
ok

Vstuffs:
Ok

MrRobot:
d

Evaromantik:
J

i don't get this!

kenedy175:

Smh

Opunu shake it well well make e fall off from ur giraffe neck

Nansense network!

Ok

When some of us stated that this monetary policy will stifle growth and lead to closure of companies, we were tagged wailing wailers by the never do wells of Apc. Now , the chicken is gradually coming home to roast. If a whole MTN can be badly affected like this what hope does small enterprises have. Obviously Buhari's 100 days in office is wasted

Now it's to expect the unexpected... Nigerians, brace yourself MTN will add little charges to our recharge cards to cover-up the debt.

[b][/b][i][/i]how does that solve my problems.... Mtcheeeeeew

who gives a shit who gives a shit

Thank God For Today

Excuses, Excuses
But gosh, their exchange rate to the dollar na wa o. And they are calling it a fall. That's like heaven to me.

AdaNri1:
i don't get this!

In an attempt to rush and book space

Stelvin101:


Opunu shake it well well make e fall off from ur giraffe neck

Lol... with your eyes like that of a colossal squid

Aitee1:
Nansense network!

are u a virgin? i want to Bleep u

Naa sango go samsh uuu