The free fall of the naira isn't being driven by importers.

No business will bid so high for Forex in this very hostile financial and economic climate.

The only people pushing the naira into a free fall after the CBN allowed for open bidding are those with huge stash of naira .

The only ones I can finger are the Buhari bandit cabal who Emefile and the EFCC looked the other way as they stole blindly.

One of Buhari's kitchen cabinet aide had over #2Trillion naira sitting idly in several hundred accounts. This aide was even approached by Emefile to be more discrete in his loot stash in several local bank accounts.

The CBN dollar hoarding policy made it difficult for these crooks to convert their stash to dollars at the CBN subsidised rate as the FG under Buhari had a lot of debt to service with the Forex inflows.

Now that the Forex window is now open to bidding, the only people who are desperate to afford such high rates in a depressed economy are these looters.

When they are done converting their stash to dollars, I expect the naira to breathe a little.