For Nigeria, the naira depreciated from N360 pre-COVID to N460 in June before hitting its current N475 to the United States dollar. Shoprite opened its first store in Nigeria in December 2005 and now has 26 of them across eight states, including the Federal Capital Territory (FCT). Having spent 15 years in the country, Shoprite Holdings Limited claimed customers’ visits for the year dipped by 7.4 per cent due to the COVID-19 lockdowns. It added that outside South Africa, sales only increased by 0.1 per cent, while it recorded an auction decrease of 1.4 per cent for the year. According to the report, the non-South Africa operation, excluding Nigeria, contributed a paltry 11.6 per cent to the group’s sales.

Source: The Guardian August 04, 2020 03:22 UTC