In response to a staggering $72 million forex loss revealed in its recent financial statement, Multichoice has implemented a substantial price increase across its offerings in Nigeria.
The company's revised price list indicates a widespread 20% hike in packages, marking the second such adjustment within six months. Notably, the DStv Premium package surged by 20.4%, reaching N29,500.
Other packages, including DStv Compact+ (up 19.2%), Compact (up 19%), and Confam (up 19.2%), also experienced significant increases.
This move follows a previous round of price hikes in May, reflecting the challenging business environment Multichoice faces.
A spokesperson, speaking anonymously, cited the relentless devaluation of the naira, taxation, logistics, and other challenges as contributing factors to the price adjustments.
Multichoice's acknowledgment of the harsh business landscape underscores the impact of forex difficulties and persistent power outages, as the company grapples with economic challenges in both Nigeria and South Africa.
