AbokiFX suspend publication of naira rates on its platforms


By Mukwuzi Joseph

AbokiFX has reacted to Central Bank of Nigeria Governor, Godwin Emefiele declaring its owner, Oniwinde Adedotun wanted on grounds of allegedly manipulating the Nigerian forex market with the platform and allegedly engaging in “illegal foreign exchange transactions”.

In a notice shared on its website on Friday September 17, the web platform that reports movements in the foreign exchange market said 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 solely for parallel rate information and not trading as they have “always maintained in their emails and social media platforms”, added that they hope that suspension of their rate updates will lead to Naira appreciation from 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.”

We hope our suspension of publishing any form of rates on our platforms for now will lead to Naira appreciation from next week - AbokiFX reacts to CBN Governor

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