Airtel Africa Welcomes Changes to Nigeria's Foreign Exchange Market
20 Junho 2023 - 3:53AM
Dow Jones News
By Anthony O. Goriainoff
Airtel Africa said Tuesday it welcomed the changes to operations
in Nigeria's foreign exchange market unveiled by the country's
central bank as they are a positive move toward a more stable
foreign exchange market.
The London-listed, Africa-focused telecommunications company
said that, as a result of the changes, the dollar has appreciated
against the Nigerian naira in the investors and exporters market
trading segment.
Airtel said that a recent currency-devaluation sensitivity
analysis highlighted that a 1% devaluation in the naira would have
a negative impact on revenue of $22 million and of $12 million on
earnings before interest, taxes, depreciation and amortization.
It added that the dollar component of operating costs within the
Nigerian system was minimal and as such it didn't anticipate a
material effect on Ebitda margin.
"The market expectation is that the new foreign currency policy
and subsequent realignment of the several market exchange rates
will provide greater U.S. dollar liquidity and help to alleviate
the challenges faced in the last few years to access U.S. dollars
in the market," the company said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
June 20, 2023 02:38 ET (06:38 GMT)
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