MTN Nigeria Achieves N55.57 billion FX Gain in Nine-Months, Breaks Two-Year Loss Streak

In a remarkable turnaround from years of foreign-exchange (FX) losses, MTN Nigeria has recorded a net FX gain of N55.57 billion for the nine-month period ended 30 September 2025. According to Naija247news, this figure was disclosed in the company’s unaudited financial statements filed with the Nigerian Exchange Limited on Thursday.

Naija247news gathered that this marks the first time MTN Nigeria has posted an FX gain since 2022, representing a significant shift in its financial fortunes. In the comparable period in 2024 the company had incurred a net FX loss of N904 billion.

The FX result is part of a broader recovery: the telco unit of the South African-based group has moved from deep losses to a position of strength. According to Naija247news, the FX gain comes amid a backdrop of improved macroeconomic conditions in Nigeria, including a more stable naira and improving foreign-exchange liquidity.

Key highlights

– Naija247news reports that the N55.57 billion gain covers the nine-month period ended 30 September 2025.
– Naija247news understands that in the same nine-month period in 2024, MTN Nigeria recorded a net FX loss of N904 billion.
– According to Naija247news, the company had recently suffered FX losses of N740.4 billion in full-year 2023 (following an N81.8 billion loss in 2022) before this recovery.

The recovery signals that MTN Nigeria’s FX burden which had weighed heavily on profitability since 2022  may be easing. For years, currency depreciation, dollar-exposure in costs and capital expenditure, and FX volatility had placed heavy strain on the business.

Chief Executive Officer Karl Toriola has previously pointed to the improved macro-environment, tariff adjustments and growing data and fintech revenue as key drivers of the turnaround. According to Naija247news, the company’s nine-month service revenue surged and the naira strengthened modestly against the dollar in that period.

Analysts note that an FX gain of this magnitude provides MTN Nigeria with breathing room and enhances its ability to reinvest, support network expansion and improve cash flow. It also supports shareholder confidence after a prolonged stretch of negative equity and retained losses.

Nevertheless, MTN Nigeria emphasised that while the FX gain is a positive step, ongoing vigilance is required in a Nigerian environment still marked by FX and macro-risk. According to Naija247news, management said that maintaining currency stability and managing dollar-linked exposures will remain strategic priorities.

Industry watchers say the FX turnaround for MTN Nigeria is also a reflection of Nigeria’s broader economic environment: The naira has shown relative stability, foreign-exchange liquidity has improved and inflation has moderated. These conditions have allowed operating businesses exposed to dollar costs to manage FX impacts more effectively.

For MTN Nigeria, the FX gain offers a welcome contrast to the heavy losses of recent years. The company had recorded a large FX loss of N740.4 billion in 2023 following liberalisation of the market by the government in June that year a loss which rose 804 percent compared to the N81.8 billion loss in 2022.

Now, with a positive FX result for nine-months in 2025, MTN Nigeria may be entering a new phase of financial stability and recovery. Shareholders and investors will be watching whether this trend holds through to the full-year results and how the company balances network investment, tariff strategy and cost discipline.

In summary, the FX gain of N55.57 billion is a milestone for MTN Nigeria  and according to Naija247news, signals the telecoms giant is finally breaking free of the FX burdens that have dogged it since 2022.

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Reporting by Agnes Ekebuike Editor, Naija247news in Lagos, Nigeria.