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High standards of living has on its own presented different standards. Everything is costly so you will have to plan very well. Be it a legal or illegal opportunity, is there a reasonable profit margin? When the answer is a big NO, it is much advisable to stay clear.
It has been the situation on ground. I can remember when I was working as a service attendant in a fuel station. Back then, it was always about being on the lookout. Even under pressurizing sales time, one has to be very careful when getting cash (money paper notes) from customers. The likelihood of getting a fake note was always there.
How frustrating it can be to find out you got N500 or N1000 as a fake note. How much is your salary to start with? I can remember at one time when I got fake notes consecutively while selling that my manager was provoked with. He said I was entirely careless and was ok to be paying for the shortages.
Ok, I wasn't and I had to step up and it became a very rare thing at my end. One thing I did really observe, fake notes were mostly issued to new attendants and when you get used to the system and how to differentiate then the chances get reduced.
I can also share a story where a sales girl sold a reasonable number of bags of rice and collected fake notes. When you feel that your boss will come back and praise you but only to realize that you’ve brought a big loss to the business. It was something so disturbing to business but it has faded over time.
What could have been the possible decline. It was a profitable illegal money business for those who just love being extortionist. The government didn't have to deploy a tax force to meet up, rising cost of daily living and businessing took it to another level. Yes, it became a quit or run at a loss business plus, it was still an illegal business to start with.
Some years ago, our economy was 200x to 400x due to inflation. The value of currency dropped drastically against inflation. Just consider the cost of making one fake N1000 note being equivalent to N1000, or a little less if not actually higher. It is more like both a big risk and a big loss. The only remedy here would have been a stepping up: let's say, if it were possible to have 3K or 5K notes. But that's completely out of their control.
That's bank note business for you, individuals can't step up denominations; it is left for the government. N5000 naira was something that was planned for by the Senate but even the citizens were not in support. From the look of things, it will only worsen the current national economic situation. We will in the process be talking of another 200x to 400x currency devaluation against goods.
To conclude, let me add, at this point, you don't need so much advice as concerning the future of such business. Money counterfeiting business has shut down and with the current inflation trend, one doesn't know when it will kick back to relevance. Not that we want to see it actually but we wish an economic bounce back.
