Why CBN Wants AbokiFx

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The Central Bank of Nigeria has accused the Abokifx, a platform that collates the black market exchange rates of naira, of indulging in illegal activites that threatens to damage the Nigerian economy.

A month ago, CBN has declared it’s decision to stop the sales of dollars to Bureaux De Change operators. As a result, the value of naira dropped and this has in recent weeks, brought the CBN under pressure.

Gov. Godwin Emefiele

On Friday, the value of the currency dropped to 570 from less than 520 a dollar it exchanged before the ban.

Speaking on why the CBN is after Aboki fx, the CBN governor, Godwin Emefiele, said the publisher of platform, Oniwinde Adedotun, was involved in “illegal forex trading”.

Emefiele said this on Friday after the Monetary Policy Committee meeting that started on Thursday. He said CBN had been keeping tabs of abokiFX activities for the past two years.

“There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates,” he said.

Gov. Emefiele argued that Mr Adedotun resides in the UK and releases arbitrary rates without contacting BDCs.

Nexus News gathered that most local newspapers depend on Abokifx for the parallel market rates.

“He is a Nigerian, living in England, we will track him, Mr Oniwinde, we will track you.
“We cannot allow you to continue to kill our economy.” Emefiele said.

Mr Emefiele contended that Mr Adedotun utilizes his website for forex manipulations and speculations by purchasing forex to make a profit.

“It is completely illegal and unacceptable,” he stressed.

“Mr Oniwinde is an illegal fx dealer that have inflow and sold tens of millions of fx to several Nigerian companies in contravention of the fx law, he directly benefits from the rates he quotes daily on his website.”

 

“I am sorry to say that I do not, and I do not intend to recognise any fx in the market,” he said.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it.”

According to Emefiele, the only exchange rate market remains the I&E window.

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