During the first quarter of 2024, MTN Nigeria announced a $173.2 million reduction in its exposure to letters of credit.

MTN Nigeria revealed that it has reduced the amount of “its unpaid commitments from 416.6 million dollars as at 31 December 2023 to 243.4 million dollars as at 31 March 2023 to 243.4 million dollars as at 31 March 2024". MTN Nigeria says that it has mobilized its cash reserves in naira, specifically allocated to these commitments in order to achieve this result. In addition, the 53.6% appreciation of the local currency against the US dollar since the beginning of the year, the second best monetary performance in Africa, played a key role in this reduction. Like other subsidiaries of multinationals facing a similar situation, such as Nigerian Breweries style="font-family: "Bookman Old Style”, "serif"> and PZ Cussons , the company had to agree to a reduction in expenses, starting with investments.