MTN has revealed ongoing discussions about a potential “orderly exit” from its operations in Guinea-Bissau, Guinea-Conakry, and Liberia, as part of adjustments to its West and Central Africa segment.
This move follows challenges faced in the region, including signs of inflation and currency devaluation, resulting in a significant foreign exchange loss of N131.4 billion in the 2023 second-quarter report.
CEO Ralph Mupita cited these challenges as factors contributing to a 64% drop in pre-tax profits, with the Q2 report outlining key financial figures and attributing the Central Bank of Nigeria’s forex operations changes to a substantial 60% movement in the exchange rate by June 2023.
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