MTN records first loss in 20 years,hit by Nigerian fine

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Africa’s biggest mobile phone operator MTN Group swung to its first annual loss in two decades on Thursday.

The company was hit by a regulatory fine in Nigeria and unfavourable currency move.

MTN agreed to pay a fine of N330 billion ($1.1 billion), reduced from $5.2 billion.

Telecoms giant, MTN said it made a $200 million loss in 2016, after suffering a huge fine in Nigeria and currency challenges in key markets.

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