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  • Business - Economy
  • Updated: 1 month ago

CBN Governor Emefiele Blames AbokiFX For Falling Naira

Nigeria’s central bank is going after Olusegun Adedotun Oniwinde, the owner of Abokifx, an online platform that collates exchange rates.

According to CBN Governor Godwin Emefiele, AbokiFX is manipulating prices in the parallel market. The company has denied the claim.
 
The platform gets loans “to purchase dollars, take a position, change the rate over a given period, sell the dollars they purchased and make a profit,” Emefiele told reporters in the capital, Abuja, after an interest-rate decision. “This is completely illegal, it’s unacceptable and we will pursue them.”

The company responded to the allegations saying, “AbokiFX does not trade in foreign exchange, neither do we manipulate rates in anyone’s favour. All rates published are randomly sourced daily from various market locations in Lagos,” it said in a statement.

The company also said it was briefly suspending its operations, and hope it would cause the naira's crash to subside.

Africa’s largest crude producer has devalued its currency thrice since March last year after lower oil prices put pressure on dollar reserves. The central bank rationed the supply of the greenback, forcing individuals and firms to turn to unauthorized dealers to meet their needs. It’s also sought to reduce the number of exchange rates for the currency.

The measure has failed to reverse the slide of the naira, which was at a record low of 570 to the dollar at the parallel market as at 6.30 p.m. in Lagos on Friday, according to abokiFX.

Parallel Market EXCHANGE RATE
Currencies Buy Rates Sell Rates Buy Change % Sell Change Action
USD - NGN 560.00 570.00 1.45 1.42 Buy/Sell
EUR - NGN 645.00 655.00 0.78 1.08 Buy/Sell
GBP - NGN 760.00 770.00 0.80 1.32 Buy/Sell
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