Foreign alternate data platform, AbokiFX, has reacted to the Central Bank of Nigeria Governor, Godwin Emefiele, declaring its proprietor, Oniwinde Adedotun needed on grounds of allegedly manipulating the Nigerian foreign exchange market with the platform and allegedly participating in “illegal foreign exchange transactions.”
In a discover shared on its web site on Friday September 17, the online platform that stories actions within the overseas alternate market mentioned it’s going to “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 fee data and never buying and selling as they’d “always maintained in their emails and social media platforms” added that it hoped the suspension of their fee updates would result in Naira appreciation from subsequent week.
The assertion learn; “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, mentioned the apex financial institution would observe Adedotun, the founding father of AbokiFX and the agency over posting of unlawful naira-dollar charges.
“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 famous that the apex financial institution had been investigating the abokiFX web site and its homeowners within the final 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 mentioned.
“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 makes use of his web site for foreign exchange manipulations and speculations by buying foreign exchange to make a revenue.
“It is completely illegal and unacceptable,” the governor mentioned.