Tariff hike: Cardoso urges telecom operators to reduce reliance on FX

From Adanna Nnamani, Abuja

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has called on telecommunications operators to reduce their dependence on foreign exchange (FX) by embracing local production of key components.

According to a statement from the apex bank, Cardoso made the call in Abuja on Wednesday during a courtesy visit to his office by Airtel Africa’s management team, led by its Group Chief Executive Officer, Mr Sunil Taldar.

The CBN governor noted that the bank’s efforts over the past 16 months have been geared towards stabilising the FX market, strengthening the naira, and boosting investor confidence.

Cardoso highlighted the CBN’s broader vision of deepening financial inclusion and enhancing digital payment solutions for everyday Nigerians. He announced plans for a high-level summit where the apex bank will collaborate with key industry stakeholders to develop strategies that promote accessible, efficient, and innovative financial services.

“The CBN is committed to ensuring that financial services reach more Nigerians, especially in rural and underserved communities. Through collaboration with relevant agencies and industry players, we aim to build a more inclusive and digitally driven financial ecosystem,” the CBN boss said.

On his part, Taldar welcomed the CBN’s reforms and expressed support for local production initiatives.

He noted that reducing FX reliance is in the long-term interest of telecom operators and pledged Airtel’s commitment to financial inclusion through technology-driven solutions.

The Airtel boss also reiterated the company’s commitment to deepening financial inclusion in Nigeria through technology-driven solutions and pledged continued collaboration with regulators to drive digitisation and economic growth.