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abokiFX Halts Naira Exchange Rate Publication After Arrest Threat By FG

abokiFX Halts Naira Exchange Rate Publication After Arrest Threat By FG

The management of abokiFX, the online platform for daily parallel market forex rates of naira, has announced the suspension of the publication of the rates, following arrest threats issued by the Nigerian government.

abokiFX, in a statement on Friday however, warned that the suspension of the naira exchange rates will lead to limited visibility by businesses and will affect the decision-making of many business owners.

The management, however, expressed hope the suspension of the daily publication will lead to an appreciation of naira as from next week.

The statement read, “AbokiFX has taken the decision today, September 17, 2021, to temporarily suspend rate updates on all our platforms until we get better clarity on the situation.

“Final rates have been published this evening but the abokiFX news section and the crypto news section will still be active.”

The Central Bank of Nigeria (CBN) at the end of the 280th Monetary policy meeting (MPC) meeting in Abuja on Friday, declared Oniwinde Adedotun, Founder of AbokiFX, wanted.

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The CBN governor, Godwin Emefiele, while responding to questions, described Adedotun as an illegal FX dealer.

He threatened to prosecute Adedotun for endangering the Nigerian economy.

Emefiele said, ”Mr Oniwinde started the AbokiFX operation in 2015 and has since milked the economy by manipulating the exchange rate.”

“Oniwinde lives in London while concocting criminal activities on our economy. Our preliminary findings show that the company continues to file the same cash account in the United Kingdom, whereas he maintained about 25 accounts with 8 banks in Nigeria, milking the system and collecting cash through Automatic Teller machines in London.

“He then sell tens of millions in FX to company’s in Nigeria; we will go after them all.”

Responding to the allegations against Adedotun, the management of abokiFX said, “All allegations against our founder are yet to be confirmed but we at abokiFX do not trade FX neither do we manipulate parallel market rates.

The company said it had not received any formal communication from the Nigerian government and had only read the allegations through the media.

abokiFX management explained it did not create any exchange rate but gather the information from different sources in the market, review the data and publish an average.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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