For those at the Central Bank of Nigeria(CBN), and those in charge of the economy and monetary policies, this is the absolute best time to stop the further decline of the Naira by doing the following:
1. The CBN should collaborate with the EFCC and other units like the Finance Intelligence Unit of the Police to flush out Naira racketeers. If possible, completely ban every roadside bureau de change and let all transactions involving foreign currency be rooted through banks and online.
2. The right political will should be applied. Stabilizing the naira is easy to achieve if our policy managers were not neck deep into the same corruption they said they are fighting. 70% of hoarded Naira are most probably in the hands of Buhari's ministers, APC chieftains, and CBN top staff and their family members. So, they cannot activate effective far-reaching policies to shut down the window through which these criminals launder money.
3. There is already a cashless policy in place in Nigeria. Anyone who has more than 150,000 Naira in cash is likely in default of Nigeria's Money Laundering Act, so the government can give a grace period of two weeks for people with up to Two Million Naira cash to bank them. Those who want foreign currency should go to the bank and will have to use their foreign currencies online. Anyone who wants dollars in cash is likely using it for something illegal. If we were a serious country, no one should be able to buy anything in cash with foreign currency. No one needs foreign currency in cash.