The Zimbabwean government has long dollarise their currency. Meaning the USD is now recognized and accepted as a legal tender in Zimbabwe. Why? The Zimbabwean dollar is not worth more than a tissue paper.
In Nigeria, the government has over ten (10) thousand licenced BDC operators who do nothing but collect FX from the central bank and then speculate prices and sell. The UK has less than 200 licenced BDC operators. The Nigerian politicians and political class do not spend or keep the Nigerian Naira. They'll rather keep the USD and where anyone benefits from proceed of corruption in naira value, the fellow immediately go to these BDCs to covert these Naira to USD.
There has been continuous shelting of the naira over the years which is and still accounting for the free fall of the Nigerian naira. The self fulfilling prophesy or rubbishing the naira is fast coming to pass as the currency is close to the point of no return. The government keep accumulating debt daily from all front- China, bilateral partners, local creditors and every available avenue. Production and export are at there lowest ebb. China lurking and waiting for possible take over of national assets used for collateral. Is the Nigerian naira going the way of the Zimbabwean dollar?