BrandArena: MTN not calling for devaluation of Nigeria’s currency

Tuesday, 13 May 2014

MTN not calling for devaluation of Nigeria’s currency

MTN Nigeria has denied calls made by outgoing chief financial officer (CFO) Andrew Bing for the country’s currency to be devalued in order to boost MTN’s import costs are company policy.

"The outgoing CFO of MTN Nigeria, Mr. Bing is not the spokesperson for MTN Nigeria . He expressed his  personal views on the telecommunications industry and the Nigerian  economy. They are not the views of MTN Nigeria. We understand that Mr. Bing expressed these views in an informal discussion," said the Y'ello company said in an interview with ThisDay.

Declining oil exports and prices means that the central bank of Africa’s biggest crude producer will face difficulties in keeping the naira stable against the dollar before the Feb. 14 vote, Andrew Bing, chief financial officer of MTN’s Nigerian unit, said to Bloomberg in a May 5, 2014 interview in Lagos.

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