Just how much has the CBN spent in 2014 in trying to ensure importers meet up with their insatiable need for the dollar? According to data from the CBN, Nigeria spent about $33.2billion trying to defend the naira in 2014 via weekly auctions at the W&R/Das auctions. Also, the CBN offered a total of $34.9billlion in 2014, with $19.5billion coming in the first half of the year. The data also reveals the CBN spent $17.8billion in the first half of 2014 and another $15.3billion in the second half of 2014. So basically, the depreciation of the reserves occurred mostly in the first half of the year.
