I'll go straight to the point.

1. Dollar was almost #2000 a week

2. It started falling and got to around #1,570+ yesterday. People bought the dip.

3. Just this money it got to #1,670+

Those who bought $10,000 during the dip (yesterday) will make a profit of #1,000,000 just within 24 hours.

Whatever these guys are doing is not working.

Fluctuations like this is very dangerous to the economy. It encourages speculators.

And fixing this is very simple.

1. Stop floating the dollar.

2. Peg it at it's true market value and adjusts accordingly to changing market dynamics.

3. Ban street BDC operations.

4. License and encourage P-2-P operations.

Once you peg the dollar and hold it constant for a month, speculators will no longer have incentives to hoard dollars.

They will inject them back into the system by selling.

Ngozi Okonjo was able to lower our inflation to a single digit, 9% to be precise. And some of what she did was to peg the exchange rate.

Buhari started floating the FX rate around July 2016, a year after Jonathan left power. Naira lost over 57% of value within his 8 years rule.

Around 2021, Buhari stopped floating the dollar and pegged it, abandoning FX unification.

This is what we said when Bloomberg asked him why in 2022.

"The exchange rate is still susceptible to external shocks that can suddenly and severely affect Nigerian citizens.

As we (Nigeria) step up domestic production – both in fuel (enabled by PIA) and food (agricultural policies) – the inflationary threat shall diminish, and we can move toward unification."

It seems Buhari, a soldier, understands economics more than Tinubu, a first-class accountant.