Stakeholders in Nigeria’s telecommunications sector are anticipating more investments this year on the back of the relative stability recorded in the forex market towards the end of 2024.
While stability is expected to continue this year, the industry leaders are confident that the worst of the volatility witnessed in the foreign exchange market last year is over.
According to them, the declining value of the Naira was not the main problem but the high rate of instability in the forex market, which made planning very difficult for many of the telecom operators.
Towards the end of last year, the official exchange rate at the Nigerian Foreign Exchange Market (NFEM) hovered between N1,535-N1538 to a dollar. On the parallel market, where the exchange rate is traded unofficially, the rate averaged between N1,650 and N1,655 to the dollar, showing stability.
Expressing optimism for 2025, the President of the Association of Telecommunications Companies of Nigeria (ATCON), Tony Emoekpere, noted that forex stability has a greater impact on the industry than the exchange rate itself.
Emoekpere highlighted that sustained stability, combined with effective implementation of policies to stabilize the naira, could signal growth for the telecom sector.
