I read this on a friends Facebook wall and I concur, that the Major hype to devalued the naira is the work of scavengers. here is it. Please let me explain to those of us who don't understand
Economic terms. Dollar has not increased since Buhari
became president.
1. Dollar is not our currency so dollar should not be our
business.
2. Our problem is not d government but our problem is our
importers and consumers.
3. Naira has remained at 197 naira to 1 dollar since Buhari
became president.
4. Buhari has promised not to devalue the Naira and he
has maintained that promise.
5. Both at CBN and at interbank rates, dollar has remained
197.
6. However because we are too lazy to produce what we
use in Nigeria we import even toothpicks and matches.
7. Buhari does not like d importation of luxury goods
because luxury goods are the reason for most corruption,
that is why he banned 41 products from having access to
forex.
8. However when Nigerian importers insisted on importing
those 41 products, FG asked them to find their dollar at d
BDCs parallel market also known as black market.
9. And to discourage the pressure Nigerians are mounting
on the Naira just to get dollars for importation, CBN banned
DMBs from selling dollars to BDCs.
10. To survive the pressure of excess dollar demands,
BDCs resorted to sourcing for dollars from neighbouring
countries through illicit money laundering routes.
11. Because of the risks faced by BDCs to source for
dollars, and because of the increase in demand for dollars
by importers because China just resumed from their
business holidays, BDCs keep increasing the price at which
they exchange dollars to naira and now it is 400 naira to 1
dollars.
12. However that does not mean that govt has changed the
exchange rate because if our genuine importers go to CBN
and fill Form M to import raw materials for local
production, they will get dollars at 197 naira each.
13. So the problem is that we love to consume luxury
foreign products yet we are too lazy to manufacture them
here.
14. For example u will see a dull girl using iPhone 5
without even knowing simple physics and computer
engineering part of how that phone was produced.
15. I want Buhari to ban every foreign product from Nigeria
until Nigerians learn to produce and use Made in Nigeria
products.
16. Let us stop complaining about dollar as if dollar has
become Nigeria's currency.
17. It is even bad enough that most of those complaining
about the high exchange rate of dollar do not have 1 single
dollar in their purse.
PLEASE USE MADE IN NIGERIA PRODUCTS...
God bless Nigeria.

Thanks for all that you have said, you sure have done your research thoroughly. But Please can you kindly tell me the part Dollar plays in the International Market community, the name of Trading Currency in the International market eg, the currency that is used in selling Nigerian Crude Oil to International Communities, and the remedy to receiving Dollar Funds from friends and love ones abroad in Naira apart from BDC?

Thanks..