1. Currency problems in Nigeria
Marc W Moeser IV and Marshall J Strenger

2. Cash problem Multiple exchange rates
Central Bank has exchange rate at 305 to the US dollar
Bank lends at a different rate
The black market rate is 380 to the us dollar
Central bank has different rate for Religious pilgrims for trips
dollars/index.html
Nigeria is confused

3. Dollar shortage Why are dollars needed?
Nigeria exports enough oil, but needs international shipments for basic household items and food
They need home currency to pay foreign companies
Dollars and euros in short supply because people hold on to foreign currency expecting it to go up in value
Dollar shortage and travel agencies
Dollar shortage 

4. Black market
Due to shortage, Everyone else is forced to exchange in black market
Need manager to exchange at banks
People go to black market because it's easier
"Tourists, for example, will find their hotels eager to exchange dollars for naira. But want to switch excess funds back into dollars at checkout? No chance."
This puts more naira into the system and forces tourists to spend more

5. Depreciation and inflation
Oil price drop in 2015
Makes up 90% of foreign- exchange based revenue
As a result, CBN ended naira peg to the US dollar and lost a third of its value overnight, also contributing to dollar shortage
Low commodity prices have triggered staggering inflation rates for food, water, and housing

6. Indecisive economic policy
 President Muhammadu Buhari has refused to “kill” the naira by devaluing the currency. His reasoning is that a weaker currency means a weaker country.
Preaches government spending to fix still-looming recession, including "cash transfer scheme"
Cutting imports
Economists say devaluation is necessary 

7. "A prayer to have the kinds of jobs that pay in dollars instead of the shrinking naira"- Nigerian pastor, name unknown

8. Questions 
What do you believe is nigerias best approach to their problems, devaluation or government spending? Why?
Would it be smart to follow suit with other African countries in their abandonment of a home currency? What implications would this "dollarization" have on Nigerian Sovereignty?

9. Sources
dollars/index.html
the-fate-of-the-naira/
effectively-devalues-currency-presidents-absence