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AbokiFX Responds To CBN Threats, Withdraws Forex Updates From Website

By Queen Helen Sep21,2021
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The team behind the company Abokifx, on Friday, published a statement on its official website stating that the website would be suspending forex trading rate updates this was due to the threat from the central bank of Nigeria.

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The statement published on its website on Friday stated “abokiFx has taken the decision today, the 17th of September 2021, to temporarily suspend rate updates on all our platforms, until we get better clarity of the situation,” the statement publicized partially reads.

It said the final rates have been posted Friday evening and that its news section and the Cryptocurrency category will still be active. This comes a few hours after the CBN accused Abokifx of carrying out an “illegal activity that undermines the economy” and that it was after Oniwinde Adedotun, the publisher of the platform.

The Central Bank governor, Godwin Emefiele, accused Mr Adedotun of Abokifx of using the platform for “illegal forex trading activities. He alleged that Mr Adedotun lives in the UK and publishes arbitrary rates without contacting BDCs.

“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 added.

AbokiFX Responds

In the statement published on Friday, abokiFX management debunked the CBN claims, saying all allegations towards its director were not confirmed.

“All allegations against our director are yet to be confirmed but we at abokiFX DO NOT trade FX nor do we manipulate parallel market rates,” the statement reads. 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.

We sincerely hope this suspension will lead to the Naira appreciation starting next week. Most local news organisations rely on data posted on Abokifx for parallel market trading and reporting.

The value of the currency (Naira) fell to N570.00 per $1 on Friday from less than N520.00 to a dollar it traded before the ban of forex sales to the Bureau De Change(BDC) operators on July 27. Regardless, the currency clutched a meagre gain against the U.S dollar at the authorized market on Friday. It closed at N412.88 per $1

About The Author

By Queen Helen

Data Scientist, Tech Enthusiast and a Crypto Lover

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