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Black market's locations are only know to the buyers and of course the sellers, it's hidden from the public.Yeah maybe he will just station himself near where phones are sold msybr those thieves might come to sell the phone there.
The lucrativeness balance the risk, there are a lot of profits in this business, some people sell their phone not because it's faulty but they are just tired of it.This is a risky business, and it requires wit and luck. If you can verify the ownership of the phones, it would be very lucrative because you can buy low, and phones are always in demand.
I saw many like to buy second-hand phones, what is important is, it is still functional and of fashion.
This is one of the most lucrative businesses Nigeria because a lot of us do not buy new phones anymore. We buy the refurbished phonesMost people require smartphone for their work and for communication and these days we don't see any person that does not use a smartphone so I think selling Refurbished phones is a good business as many people like to buy cheap smartphones.