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MTN in Talks With Nigeria Central Bank on Early Debt Repayment

MTN Group Ltd. is in talks with Nigeria’s Central Bank about the early repayment of almost $600 million of debt to reduce exposure to the naira, which has weakened against the rand this year.

“We have already been negotiating with the lenders but the challenge has been getting the central bank to approve that we can accelerate the payment,” Chief Executive Officer Sifiso Dabengwa said in an interview on Wednesday. “It would help a lot in terms of dealing with the currency fluctuations.”