“If people want to buy dollars to go and party in Dubai, so be it.”. I agree with everything else you wrote, except that quote. Reason being I am a bit sceptical about allowing the market control everything, especially in an economy like Nigeria where the supernatural and all sort of not so logical sentiments strongly influence decision making.
I absolutely agree, one market for the currency. But still leaving the market open for unrestricted imports, I think that will slide us further into a quagmire we are not prepared for. Demands will continue as is further devaluing the currency and sipping into our prices resulting in inflation.
We cannot run away from import substitution for local production;at least to an extent to retain value in the earnings of people. A country addicted to foreign consumption needs to be weaned off with a little force combined with private public initiative.
I agree, implementation is not as simple as said, but we live in quite desperate times…and such unique measures might be the only solution.