www.vanguardngr.com/2014/01/cbn-defended-naira-26-6bn-2013-true-false/
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Excerpts-
ON January 13, 201412:45 AM
By Les Leba
The Punch Newspaper recently carried a report
titled “CBN Defended Naira with $26.6bn in
2013.” The report, apparently obtained from the
Central Bank’s website, indicated that this
amount was sold to currency dealers in 94
foreign exchange Dutch Auctions between January and December 2013. CENTRAL Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi Indeed, in consonance with Lamido Sanusi’s
promise to maintain stability, the official naira
rate of exchange against the dollar has ironically
remained stagnant between N153 and N156,
despite our increasing foreign reserve base. Regrettably, however, the unofficial (street
market) rate has gradually moved from a
deviation of N1 or N2 to N20 per dollar; thus, an
‘ingenious’ bank or Bureau de Change could
easily make a monthly profit of about N20m by
simply buying $1m directly from CBN’s allocations and selling same dollars elsewhere! The resultant abuse of CBN’s wholesale forex
auction inevitably induced unbridled capital flight,
characterized by huge bulk movements of hard
currency through our airports and other land and
sea borders. The CBN’s recent reintroduction of the earlier
discredited Retail Forex Auction, has once more restricted direct sales of foreign exchange
specifically to end users, in place of the former
speculative hoarding by banks, under the
Wholesale Auction System. Furthermore, CBN has also reduced its weekly
dollar allocations to BDCs from $1m to $250,000;
regrettably, however, in spite of (or maybe we
should say because of) these measures, the
apparent shortfall in dollar supply to the open
market has instigated a widening gap between official and Bureau de Change rates.

First, it's clear where our reserves went. So stop blaming gej.
Second, the full article lists bad policies that made the oil crash harder to tackle. Same policies being repeated by the current cbn gov.
It's time the nass ask him and sanusi questions- that is, if they can be distracted long enough from their politicking.
*Modified-
More excerpts-
"So, while it is true that CBN sold $26.6bn in
foreign exchange auctions in 2013, it is not true
that the sales process realistically defended the
naira exchange rate; if anything, CBN’s
monopolistic rationed dollar auctions, after
consciously flooding the system with naira allocations, should more appropriately be
recognized as a contrived mechanism to
continuously depreciate the naira, especially
more so, whenever we earn increasingly more
dollars!
SAVE THE NAIRA, SAVE NIGERIANS!!"

Nigerian media will burn this country one day