I don’t think the EPEMS is solely responsible for the current crash. Among other things, there’s the fact that every December, diaspora remittances increase in Nigeria from people that come back home for different reasons (e.g. Detty December).
That said, the EPEMS very likely contributes significantly.
I think this situation isn’t straightforward, tbh. The fuel situation complicates the “who’s right and who’s wrong” perspective. Both parties have strong points.