CBN sells dollars for first time in 5 months, Naira crashes further afterwards

A recent case study: CBN sold almost $90 million in the spot FX market on Tuesday to Banks, its first sale of dollars in the market since September 2023.

As at the time of this sale on Tuesday, 1 USDT coin was being exchanged on Binance p2p for around 1,520 - 1,540 Naira and Someone made the following prediction.

CBN sells to Banks @ 1,490 Naira? And the Banks will sell to the BDC operators @ 1,690 Naira; BDC will sell to the general public @ 1,890 Naira, and the cycle continues.

Until the Black Market is scrapped, trust me, this is an exercise in futility.

And here we are just two days later with NAIRA now exchanging on Binance p2p for 1,610 Naira to 1 dollar.

Are bank managers truly conniving with BDCs to devalue the Naira for maximum profit?

Bankers are the biggest fraudsters in the world. Unless the sale of dollars is totally outlawed on the streets, the nairal will continue to fall.