Truworths International Ltd. closed its two remaining Nigerian stores last month as stringent regulation of stock imports and rising costs made it too difficult for the South African retailer to operate in Africa’s biggest economy.
The clothing company struggled to get stock into Nigeria and cash out of the country, Chief Executive Officer Michael Mark said in a phone interview on Friday. Truworths’ dollar rental bill also soared as the rand weakened against the U.S. currency, he said.
