Nairametrics| In the popular book 48 laws of Power, author Robbert Greene writes in the 15th law that you crush your enemy totally! It appears the CBN is heeding that advice.
The Central Bank of Nigeria shocked Nigerians on Monday when it announced that it had instructed deposit money banks to sell dollars to retail buyers at a fixed price of N360/$1. The instruction rattled the speculators which were just reeling from a week that saw the exchange rate at the parallel market crash below N400 for the first time since August 2016.
To the extent that the CBN’s does not have an infinite supply of FX this latest development could have varying implications for Nigeria and understanding what the motive is could provide insight on where the exchange rate is headed.
New Circular
The CBN instructed banks to sell forex to retail investors looking to buy for…
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