Foreign exchange information platform, AbokiFX, has reacted to the Central Bank of Nigeria Governor, Godwin Emefiele, declaring its owner, Oniwinde Adedotun wanted on grounds of allegedly manipulating the Nigerian forex market with the platform and allegedly engaging in “illegal foreign exchange transactions.”
In a notice shared on its website on Friday September 17, the web platform that reports movements in the foreign exchange market said it will “temporarily suspend rate updates on all their platforms until they get better clarity of the situation.”
AbokiFX which reiterated that the platform is solely for parallel rate information and not trading as they had “always maintained in their emails and social media platforms” added that it hoped the suspension of their rate updates would lead to Naira appreciation from next week.
The statement read; “All allegations against our director are yet to be confirmed but we at abokiFX DO NOT trade FX neither do we manipulate parallel market rates. Outside the media allegation, we have not received any communication from any government body and our accounts are not closed as stipulated in the media.
“AbokiFX is fully functional BUT we will not be publishing any form of rates on our platforms for now. We sincerely hope this suspension will lead to the Naira appreciation from next week.
“With our decision to temporarily suspend online rate publication, we are aware that there will be limited visibility of parallel rates information which will impact decision making for many.”
SaharaReporters had on Friday reported that the CBN governor, Emefiele, said the apex bank would track Adedotun, the founder of AbokiFX and the firm over posting of illegal naira-dollar rates.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” TheCable had quoted Emefiele as saying.
“I am sorry to say that I do not, and I do not intend to recognise any FX in the market. Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it.”
Emefiele had noted that the apex bank had been investigating the abokiFX website and its owners in the last two years.
“We have been studying the activities of abokiFX in the last two years,” he added.
“There was a time we asked our colleagues to call the abokiFX to ask how he conducts the 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.”
“On UK filing, we will go and conclude the investigation,” the CBN governor said.
“He has over 25 bank accounts in Nigeria — both naira and dollar — collecting FX through a particular ATM in London.”
Emefiele had alleged that Oniwinde uses his website for forex manipulations and speculations by purchasing forex to make a profit.
“It is completely illegal and unacceptable,” the governor said.