Some Nigerians have taunted the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, for accusing foreign exchange information platform, AbokiFX of contributing to the slide of naira against dollar at the parallel market.
Emefiele last Friday accused AbokiFX of carrying out an “illegal activity that undermines the economy,” adding that it was after Oniwinde Adedotun, the founder of the platform.
The CBN governor accused Adedotun of using the platform for “illegal forex trading”.
Later in the day, AbokiFX distanced itself from the allegations, saying the platform is solely for parallel rate information and not trading.
The parallel market trading segment of the platform was also shut down.
Reacting, some Twitter users said the CBN’s move would not solve the forex crisis in the country or reverse the slide of the naira.
They taunted Emefiele, adding that they hope the suspension of the platform’s rate updates would push the naira to be equal to the US dollar in value soon.
Below are some reactions:
I find #CBN Governor Emefiele's position that the Naira is being destroyed because @AbokiFX website publishes exchange rates the most pathetic excuse for our failing economy. CBN multiple exchange rate policy should be enough to send Emefiele to jail in a sane country.— Jibrin Ibrahim (@JibrinIbrahim17) September 19, 2021
The big picture imo is not the parallel rate. It is the criminality of those licensed by CBN that the CBN should focus on.— Adewale Ajibade (@waleajibade) September 19, 2021
The rates are from BDCâs & Banks ATM Rates.
Those are the ones violating FX Policy.
In a sane society CBN will pay top dollar to acquire ABOKIFX
This lunatic Govt really plans to blame AbokiFX for the crazy fall in naira value.— #OurFavOnlineDoc ð©ºð³ð¬ð¬ð§ð (@DrOlufunmilayo) September 17, 2021
Food prices are going up,
Schoolfees going up,
Rent is going up;
Did AbokiFX cause that too?
How can anyone with a brain blame a website - when you can see for yourself the country is collapsing?
The CBN incompetence may have caused it. Itâs the Job of CBN to control the in and outflow of the currencies.— Ugochukwu L. (@UgochukwuAni2) September 17, 2021
Aside from CBN's justified proscription of Abokifx, there has to be a long term strategy to support the Naira and prevent further devaluation: e.g. - what are the top 5 items/services that Nigeria spends Forex on? Can we set up factories and refineries (PMS) for local production?— MEKKY (@EmiMekks) September 19, 2021
According to a former presidential candidate and political economist, Prof Pat Utomi, the devaluation of the naira was largely caused by poor policies.
Utomi told the Punch he disagreed with the decision.
He said, “As a general principle, I disagree with that approach. Of course, markets need to be regulated and have boundaries, but I think that it is too easy to blame markets when sometimes the problem might be from within.
“I think there is nobody who is knowledgeable that does not know that for a number of years, policymakers were the biggest problem with the forex market.
“Let us not deceive ourselves, the current order has ruined the forex market, so for those who made such decisions to now complain, I think it is uncharitable. If they continue to clamp down on this and that, then the market would collapse and we will return to where we were in the 1980s.”