Monday, October 18, 2021

AbokifX bows to CBN threats, hopes naira will appreciate after shutting operation

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Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
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AbokifX, a foremost platform that aggregates forex market rates, has bowed to the pressure of the Central Bank of Nigeria, CBN, by temporarily suspending rate updates on all their platforms.

Naira lately suffered a free-fall, following the apex bank’s decision to stop the sales of dollars to Bureaux De Change operators a month ago.

The value of the currency fell to 570 on Friday from less than 520 a dollar it traded before the ban. Most local newspapers rely on Abokifx for the parallel market rates.

Addressing journalists after Monetary Policy Committee meeting on Friday, the governor of the CBN, Godwin Emefiele, had said the owner of platform, Oniwinde Adedotun, was involved in illegal forex trading.

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In response to CBN governor’s allegations, AbokifX said it suspended its operation and hoped the naira would appreciate after the decision.

Read AbokifX’s full statement

ALLEGATIONS AGAINST OUR DIRECTOR

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.

WAY FORWARD

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.

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