Surprise? Yes.But not such a surprise. Since late last year, a tight monetary policy by the Nigerian government appeared to have kicked in, and with that Nigerians have had to cut back their spending. Most affected by this cut back are fashion and luxury goods retailers. For example,

Bedmate, a Lagos-based high profile household furniture retailer offered buyers a 50 per cent discount in December, by January it began offering “up to 70 per cent” discount  on what it called “old stock”—a clear signal that sales were not what it ought to be during the Christmas sales season. Even then, it is yet offering a hefty 50 percent discount on “new stock” in March.