Airtel Africa Applauds Nigeria’s Steps to Free Up Foreign Exchange Market
- Firm says 1% devaluation leads to $22 million drop in revenue
- Nigeria is Airtel Africa’s biggest market for mobile services
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Airtel Africa Plc applauded moves by Nigeria to end its system of multiple exchange rates, even as the devaluation of the naira threatens to hit earnings for the telecommunications firm in its biggest market.
“Airtel Africa welcomes these changes as a positive move towards a more stable Nigerian FX market,” the company said in a stock exchange filing in Lagos on Tuesday.