In retrospect, it is lunacy to use one hundred to one billion of foreign currency you do not print in the country to support the currency you print freely. Small banks swallowing big established banks with looted local currency also allow them to gain access to the Central Bank foreign currencies like Bureau du Change! So you print excess local currency understanding it is going to cause inflation and spend one billion foreign currency to buy local currency from yourselves hoping to clean up the excess you printed. Wouldn't it have been wise not to print excess local currency in the first place? https://moneycentral.com.ng/markets/article/cardosos-100m-firepower-fails-to-stop-naira-weakness/

We are too busy and occupied with what politicians use to distract us: ethnic bashing rather than putting looters on trials. There are reasons for this. Some of us have no loyalty or love for the motherland. Others see their country as conquered territory that must be looted for the spoils of war. They hardly support the country's interests and are ready to jump into opposition against any reasonable measure. They could care less or more if their country was destroyed. So they point to their community with a left hand in derogatory names.

https://www.modernghana.com/news/1314012/our-currency-in-warehouse-grave-vault-depreciate.html

Idiotic idea.

Be careful of what you wish for. What if all your agricultural production is only worth $10,000 U.S including all your labor and land? Ask Zimbabwe.

Do you know the cost of tractor when naira was one to one and the cost of the same tractor today?

ChimaAdeoye:
Stop worrying about how to artificially bring down the exchange rate while refusing to support production or agriculture.

Just go ahead and print more money so that you can use the printed money to pay a minimum wage of #5m per month.

It is one thing if Americans print dollars to buy their dollars or Treasury Bills back or Europeans print euros to buy euro back from you and other investors for their Treasury Bills.

Can you print naira to buy naira back?

Think well my friend!

The Only people that have access to the printed local currency are the privileged Central Bank senior staff, politicians and cronies. They do round tripping to flood Bureau du Change in exchange for the foreign currencies they don't print. This is nothing short of vicious circles. But each Government does it to satisfy their pockets and then look for rescue by tightening up laws and regulations to curtail the small activities from the masses that can never apply to the few of them with the greatest amount of liquid cash.

https://www.modernghana.com/news/1314012/our-currency-in-warehouse-grave-vault-depreciate.html