AbokiFX Officially Replies CBN Governor, Godwin Emefiele.
AbokiFX, a foreign exchange information platform, has responded to the Central Bank of Nigeria Governor, Godwin Emefiele, declaring its owner, Oniwinde Adedotun, wanted for allegedly manipulating the Nigerian forex market and engaging in “illegal foreign exchange transactions” with the platform.
The web platform that tracks foreign exchange market movements announced on Friday, September 17 that 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 only for parallel rate information and not for trading, as they have “always maintained in their emails and social media platforms,” expressed hope that the suspension of their rate updates would lead to Naira appreciation beginning 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.”
The CBN governor, Emefiele, had said on Friday that the apex bank would track Adedotun, the founder of AbokiFX, and the firm over the posting of illegal naira-dollar rates, according to SaharaReporters.
TheCable quoted Emefiele as saying, “The only exchange rate remains the I&E window, which is the market we expect everyone who wishes to procure or sell forex to get it.”
“I am sorry to say that I do not recognise any FX in the market, and I do not intend to do so in the future. Go to your bank. Put your limit forward, even if it’s higher than what the bank is offering, and we’ll look into it. Go to your bank and sell it if you want to sell the dollar.”
In the last two years, the apex bank had been investigating the abokiFX website and its owners, according to Emefiele.
“We’ve been looking into abokiFX’s activities for the past two years,” he added.
“At one point, we asked our colleagues to call abokiFX and inquire about how he handles 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.”
The CBN governor stated, “On UK filing, we will go and conclude the investigation.”
“He has over 25 bank accounts in Nigeria, both naira and dollar accounts, and he collects foreign currency through a specific ATM in London.”
Emefiele claimed that Oniwinde uses his website to engage in forex manipulations and speculations in order to profit.
The governor stated, “It is completely illegal and unacceptable.”
Oniwinde Adedotun is the owner of Abokifx Your Daily Naira Exchange Rate