Airtel Africa Plc posted a loss of $151 million in its second-quarter report, primarily due to the harmonization of foreign exchange rates in Nigeria. The company disclosed this information in its filing with the Nigerian Exchange Limited.
The loss was driven by a significant foreign exchange loss of $471 million recorded in finance costs before tax, with an additional $317 million after tax, resulting from the devaluation of the Nigerian currency in June 2023. This impact has been categorized as a non-operating exceptional item.
The Central Bank of Nigeria’s decision to unify all segments of the Nigerian forex market in June led to the collapse of all windows into the Investors & Exporters (I&E) window. The move aimed to enhance market liquidity, ensure stability, and attract foreign investors to the Nigerian economy.
Despite the financial setback, Airtel demonstrated growth in its total customer base, which expanded by 8.8 percent, reaching 143.1 million customers.
The rising popularity of mobile data and mobile money services contributed to a 22.0 percent increase in data customers, reaching 56.8 million, and a 24.3 percent rise in mobile money customers, reaching 34.3 million.
