einsteine:
Why not channel that into investment in industries that can generate export earnings or at the very least import substitution for industries Nigeria has a comparative advantage (not rice farming)?

Such a waste of money. This is as good as Emefiele calling round trippers and saying "Hey, I have got some money for you guys, get your accounts ready."

It is not as straight forward as you put it!
The cbn will still money to defend the naira either way or allow for another devaluation

Dagelv:
Well, I guess it's quite right solution, because sometimes paricular areas might have serious issues, I mean financial ones of course, and the government, working together with financial institutions have to find the ways out. The central bank is one of the main regulators of the whole financial operations in the country, that's why it has decided to allocate particular sum of money in orderto send it to the areas, where financial instability grows. There are no better options actually in such situations. The main here is to distribute this money correctly and exclude possible unpleasant consequence of distribution .

So from the bolden which one is important and which was is not important?