MTN Nigeria has reported a net foreign exchange (FX) gain of N55.57 billion in its operations for the nine-month period ended September 30, 2025.
The telco’s FX impact was captured in its unaudited financial statements, filed with the Nigerian Exchange Limited (NGX) on Thursday.
The latest figure is a significant improvement from a net loss of N904 billion recorded in the same period in 2024.
It also marks a major turnaround in the organisation’s FX story, which had consistently been a burden in its operation for more than two years since 2022.
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In 2023, MTN Nigeria reported an FX loss of N740.4 billion due to the market liberalisation policy introduced by the federal government in June last year — a steep increase of 804 percent (or N658.6 billion) compared to the N81.8 billion loss recorded in 2022.
On July 31, 2024, the telecommunications company reported an FX net loss of N887.6 billion for the first half of that year.
In the first half (H1) of 2025, however, the company trimmed its FX loss to N5.23 billion — a sharp decrease of 99.4 percent compared to H1 2024.
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Presenting a breakdown of the figure in the latest financial statement, MTN said it recorded an unrealised FX gain of N156.4 billion, while the realised FX loss stood at N100.9 billion.
Beyond the FX impact, MTN said the latest unaudited results show a return to profitability with an operating profit of N1.44 trillion for the nine-month period, compared to the N475.304 billion profit made in 2024.
The telecommunications firm said revenue rose to N3.73 trillion, up from N2.37 trillion in the previous year.
Speaking on the company’s financial performance, Karl Toriola, the chief executive officer (CEO) of MTN, attributed the result to better economic conditions.
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He said macroeconomic conditions in Nigeria improved notably in the period under review, including a relatively stable naira, improved FX liquidity and easing inflationary pressures.
“The naira appreciated from N1,535/US$ in December 2024 to N1,475/US$ at the end of September 2025, while headline inflation continued to steadily abate from 34.8% in December 2024 to 18.0% in September,” Toriola said.
“In response, the Central Bank of Nigeria (CBN) reduced the Monetary Policy Rate by 50 basis points to 27%, signalling the start of monetary policy easing.”
This, the CEO said, is a positive development for business activity and investor confidence.
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