Sun. Jun 16th, 2024

Central Bank Of Nigeria Shutdown Accounts Over Forex Speculation.

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Central Bank of Nigeria CBN, today closed all operating accounts belonging to online forex rate publishing platform, over what the apex bank termed unauthorised publication of forex rates.

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In a circular sent to all commercial banks by CBN requesting immediate freezing of accounts belonging to the forex rate publishing platform, and requesting a transaction record of, the regulatory apex bank claim that violates and breached the National Economic Intelligence and Committee Act 2004.

The Act stipulates that it is an offense to, “publish or cause to be published exchange and interest rates other than the rates determined by the Bank from time to time. If convicted, in the case of an individual, a fine of N100, 000 or imprisonment for a term of two years or to both such fine and imprisonment.

In the case of an association of individuals or a body corporate, a fine of N 500, 000 and the suspension or revocation of its certificate of registration or certificate of incorporation will serve as penalty on conviction by a federal high court.

The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 till 2021.

Reports on social media claim that Adedotun Oniwinde, abokifx founder is being investigated for foreign exchange rate manipulation.

Nigeria media Organizations have relied on for information on forex official and parallel market rates.

Naira, Nigeria currency has depreciated in a free fall against dollar in the past two weeks. Naira traded N525 on Monday and closed N570 on Tuesday according to

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