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ABOKI FX: Tell the CBN that it is hard to fight "THE INVISIBLE HAND" - OmoAdéyemo A Adéwálé

Tell the CBN that it is hard to fight "THE INVISIBLE HAND," as Adam Smith postulated.








Market participants are all pursuing goals in their best interests. If they were to eliminate AbokiFX, which is impossible, they can't eliminate thousands of sophisticated currency speculators, particularly those who make big money from SHORTING a currency.


And it's all LEGAL. If you are scapegoating AbokiFX, then you don't understand the FOREX MARKET.


Those who are SHORTING the NAIRA live in both Nigeria, particularly bankers (CBN officials, too, albeit surreptitiously) and local traders/dealers, and outside Nigeria.


It's the statutory duty of the apex bank to mitigate these risks; however, with its sole reliance on a volatile oil market, which supports its forex management (i.e., external reserves and clearing), some of these things are beyond its control.


"The INVISIBLE HAND" will always find a way to make money.


Think of George Soros, who made $1.5 billion by speculating the crash of pounds during the Black Wednesday.


Right now, there are hedge funds, located in New York, Tokyo, Brussels and London, SHORTING nearly every currency in the world, hoping to make significant profits. Do these traders lose money? Yes! Do they make money, too? Yes, big time!


It's a complex market.


No matter what the CBN does, it can't eliminate all the risks.


#KEEPTAKINGAFFIRMATIVESTEPS


#WORLDPEOPLEUNIVERSITY

OmoAdéyemo A Adéwálé


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