The governments of all serious nations depend on taxes paid in their own currency, they are not running after forex. They are not overly concerned with forex or trapping forex in their banks. Their revenue is not denominated in forex. Their job is to organise the economy, raise taxes and intervene wherever necessary. If they print more money, the value of the currency will dip but it can be cancelled out if there is more production in the country leading to less importation. Such an inflationary action by their CBN is calculated to help their entrepreneurs. Such should not be mistaken for the mockery of nation building going on in Nigeria. What is going in Nigeria is the desperation of a government whose income is majorly denominated in dollars instead of the local currency, naira and that dollars is no longer as forthcoming as it used to be.
All along, a government's income being majorly in a foreign currency has been a bad idea, instead of the government to seize the opportunity and adjust immediately, they are behaving like a fly determined to follow a corpse into the grave. What kind of a government bases its finance on the sales of a finite commodity? That is a father and mother financing their family by selling their belongings one by one.That is the Nigerian government.

It is not the IMF or the world bank devaluing the naira but our government. That is how we moved from million naira budgets to trillion naira budgets, by printing more money. What the IMF and world bank does is to advise the government to stop manipulating exchange rates with their oil dollars and now by trapping dollars of other legal persons in Nigerian bank accounts in a bid to project a certain image that is not correct. Afterall the difference occurring in the official rates and black market rates is an embarrassment to the government and not to IMF or the world bank. A currency should be a reliable store of value to a reasonable extent.