The Chief financial officer of South Africa’s MTN Group, Brett Goschen, said that he expects Nigeria to devalue by 22% at some point this year.
Despite all the pressures on the CBN Governor from both local and international investors, the monetary policy committee has refused to devalue the naira. Analysts believe there is only one reason for this; President Buhari and based on that, the CBN Governor dares not rock the boat. The president has also stood his grounds against devaluation and has remained consistent in his rhetoric since he became president.
MTN has been in talks with the government to reduce the $3.9 billion fine imposed on it last year for failing to cut off unregistered SIM card users. The telecoms giant had announced yesterday that it was setting aside a sum of 9.3 billion rand ($600 million) to cover payments for the fine imposed on it by the NCC.
MTN also reported a 37% drop in profits to R23.5 b ( R1.5 billion), blaming Nigeria for the poor 2015 financial performance.
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