Do you mean to tell me that when known dollar flows into Nigeria our naira becomes a piece of paper. This is not right. If you want to correct this scenario it is simple. There are evil consequences to the devaluation of the naira. You now create a capital flight, people take their money and run away because they don't know how low the fall will be.
People take their naira and convert it and take it away.
That's not the issue. The issue is on strengthening the naira. If naira was strengthened and it showed improvement by the day, it would stop round tripping because you will make a loss since you cannot predict its future value. But the issue again is that the federal government has accounts with all the banks and this makes government to pump money into the system. We were of the opinion that Obasanjo wanted to ask all the parastatals and the government to maintain their accounts again with the CBN such that they can draw this money gradually as at and when needed.