Nigeria is a country dependent on its crude oil revenue, Nigeria sells it oil in dollars which means when oil price is high Nigeria gets more revenue in dollars, the dollars realized are managed by CBN, the CBN sells this dollars to BDCs, banks and importers

Invariably when oil price is high we get more dollars and when price is low it means low dollar balance in CBN. Most of the items we use locally are imported the importers buy the dollars from CBN

Now with oil selling at low price there is no enough dollars to give importers thereby causing scarcity which naturally breeds black markets and the Naira loses it value drastically

WAY OUT
the ways out are to pray that oil price goes up again or we diversify our sources of foreign exchange to export of other commodities or services that have not saturated the international market,

Another way out is to buy local product made in Nigeria, if everybody buys local no one will import from china etc which means there will be no demand for dollars by importers which will make CBN have surplus in their vault, I bet with this one dollar may be equal to one Naira

It is very shameful that most of the things we use in our household are imported, building material, food ,clothing, electronics etc, the government needs to as a matter of policy strictly ban importation and selling of goods in our market, only machinery that will be used to make product should be allowed or products which raw materials are not found in Nigeria, imagine how aba shoes will be patronized, kaduna textile, kano foods, ofada rice etc

Our hospitals should be good enough to treat Nigerians that will demand dollars take them to india or germany. Our universities should made better,the minimum tuition per annum is £10k(N4M) in a UK university imagine this fee is paid to Unimaid, Lasu or IMSU

This is my pedestrian understanding of why dollars is very high as long as we rely on things that are imported the Naira will keep on weakening and there is limit to which the CBN can continue to save the Naira since Dollar supply is less than demand

My two kobo