What I Learnt From The Recent Naira Scarcity And The Lockdown – By Elora Akpotosevbe

The Central Bank of Nigeria (CBN) has been driving the effort to establish a cashless society, coincidentally it occured the same period the old naira notes was changed to new ones and was not readily available.

This caused strain in businesses why others made great profits.
The market women suffered, they had no sales, because there was no cash circulating, but the shopping malls were making massive sales, as everyone went there to buy food and groceries with their Atm’s, instead of the usual market shopping, hence market women suffered losses in their businesses.

What did I learn?

The type of business you run at this point matters, many people were buying foodstuffs, no matter what people go through, they must eat first.

While shops selling clothes and shoes, jewelries etc had no sales at all. I could remember vividly when I passed one of the shops at the mall, and the lady beckoned on me to visit their shop as they were on sales (buy one and get one free). They had to stategize so that they can atleast make sales. It was that bad.

I learnt that in situations like this, the best business that would thrives is food business.

Lockdown

Coronavirus occured in Nigeria on the
27th of feb 2020 and it caused a lockdown
30th March 2020.

Businesses were shot down, many employees experience job loss, schools were locked down, but even at that, many businesses thrived even more.

Online business were ongoing, telecommunication s made more profits, cause people were now at home consuming more data’s as per boredom.

What I learnt is you must run a business that would thrive even if the economy should shut down today. Think smart, make money from the comfort of your homes. Invest on online businesses. They are enormous and you will thank me later.

Email: elora.akpotosevbe@yahoo.com