Airtel Africa Plc has reported a loss of $151 million resulting from the harmonization of foreign exchange rates in Nigeria.

The telecom company disclosed this information in its second-quarter report filed with the Nigerian Exchange Limited.

The loss was primarily attributed to a foreign exchange loss of $471 million recorded in finance cost before tax, and $317 million after tax, which occurred due to the devaluation of the Nigerian currency in June 2023.

Airtel classified this impact as a non-operating exceptional item in its financial statements.

In June, the Central Bank of Nigeria unified all segments of the forex market, consolidating them into the Investors & Exporters (I&E) window, with the aim of enhancing liquidity, market stability, and attracting foreign investment into the Nigerian economy.

Despite the financial challenges, Airtel witnessed growth in its total customer base, which increased by 8.8% to 143.1 million.

The company attributed this growth to the increasing penetration of mobile data and mobile money services, leading to a 22.0% rise in data customers to 56.8 million and a 24.3% increase in mobile money customers to 34.3 million.