MTN Scraps Early Nigeria Debt Payment Amid Currency Shortage
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MTN Group Ltd. 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, said by phone on Monday. “In Nigeria there is limited availability of the hard currency.”