August 1, 2025
MTN Nigeria is on the verge of fully recovering from the substantial foreign exchange (FX) losses that have weighed heavily on its financial performance in recent quarters. The telecoms giant announced that, barring any further currency shocks, it is just one quarter away from erasing the impact of the naira’s sharp devaluation on its balance sheet.
The company’s Chief Executive Officer, Karl Toriola, made this known during an investor briefing, revealing that MTN has successfully navigated the toughest period of FX volatility and is now positioned for financial rebound by the end of Q3 2025.
MTN Nigeria had incurred significant FX-related impairments following the Central Bank of Nigeria’s currency reforms, which led to the liberalization of the naira and its subsequent steep depreciation. The move triggered revaluation losses on the company’s foreign-denominated obligations, dragging down profits and disrupting financial projections.
Toriola noted that the firm had adopted strategic hedging, active cost control, and portfolio restructuring to mitigate future currency exposure. “We have almost completely absorbed the FX hit and expect to finish the clean-up process next quarter. From there, we return to a path of earnings growth and financial stability,” he said.
Analysts see this development as a positive signal not only for MTN’s shareholders but also for the broader telecom and investment sector in Nigeria. The recovery trajectory boosts investor confidence, especially as the company remains a major contributor to Nigeria’s non-oil GDP and a significant player in the digital economy.
With over 77 million subscribers and expansive fintech operations through its MoMo platform, MTN Nigeria is expected to leverage post-FX stability to deepen investments in 5G rollout, broadband infrastructure, and financial inclusion initiatives.
This anticipated turnaround reflects the resilience of Nigeria’s largest mobile operator amid macroeconomic uncertainty and underscores the sector’s potential to recover in line with broader fiscal and monetary reforms.
