Hungry for US dollars, Nigeria may give MTN a naira ‘refund’ in latest fiasco
MTN may receive a naira-denominated refund if Africa’s biggest wireless carrier returns the $8 billion that Nigeria says was illegally taken out of the country.
MTN may receive a naira-denominated refund if Africa’s biggest wireless carrier returns the $8 billion that Nigeria says was illegally taken out of the country.
MTN will take immediate steps to list shares in Nigeria as part of a deal to settle a dispute over unregistered SIM cards and will also issue an apology.
MTN Group has agreed to pay a reduced fine of $1.67 billion in a settlement with the Nigerian government, sending its shares soaring.
The capital controls in Nigeria have sent investors fleeing and the black-market exchange rate has plummeted to 350 as the dollar scarcity has worsened.
Muhammadu Buhari took office as Nigeria’s president a year ago on a wave of optimism, now Africa’s biggest economy is on its knees.
Nigerian central bank governor Godwin Emefiele kept interest rates on hold yesterday and many feel he missed a trick by resisting calls to weaken the currency.
South African telecoms group MTN said Tuesday its Nigerian business is likely to report about $955 million in annual profit after tax.
JPMorgan’s decision to exclude Nigeria from its local-currency emerging-market bond indexes tops a year of pain for a nation reeling from a collapse in oil prices.
Lunchtime market update on CNBC Africa’s PowerLunch with Sasha Naryshkine talking about Telkom, Astral Foods, Barloworld and life with oil at $80 in Africa.