One might make a bust by exposing underwear (6)

I believe the answer is:

nicker

I'm a little stuck... Click here to teach me more about this clue!

'one might make a bust' is the definition.
I can't tell whether this definition defines the answer.

'exposing underwear' is the wordplay.
'exposing' indicates the central letters (I've seen 'exposed' mean this (outside letters removed)).
'underwear' becomes 'knickers' (I've seen this before).
The middle of 'knickers' is 'NICKER'.

'by' is the link.

Can you help me to learn more?

(Other definitions for nicker that I've seen before include "thief" , "PS1 (slang)" , "Sound made by horse" , "Money" , "GBP1 (slang)" .)

I've seen this clue in The Guardian.

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