Wednesday, October 5, 2022

Forex Wahala: FG To Shut Down AbokiFX Popular Parallel Market Website

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The Federal Government of Nigeria through the Central Bank of Nigeria has announced that it is set to shut down the operations of AbokiFX, a website that provides parallel market information in Nigeria for currency exchange. The Governor of the Central Bank of Nigeria, Godwin Emefiele has on Friday evening, September 17th, 2021, declared the platform as illegal and criminal. CBN on AbokiFX

The Governor of the Central Bank of Nigeria, Godwin Emefiele, who disclosed this while fielding questions after the Monetary policy committee’s two-day meeting in Abuja on Friday, noted that the bank also plans to prosecute the owner of the platform, Olusegun Oniwinde Adedotun.
READ ALSO: CBN Governor Declares Founder Of AbokiFX Wanted, Says Those That Want to Fight Him “Should Come And Lets Fight”

He said, “I have given instructions to our experts to go after his website and let it be clear that we will go after him because we can’t allow this to continue.”

Central Bank Reduces Intervention Interest Rate From 9% To 5%According to Emefiele, the CBN doesn’t recognize any forex market window besides the Investors and Exporters window. Checks by our correspondent showed that the website, AbokiFX, is still up as of the time of filing this report.
READ ALSO: Meet Adedotun Oniwinde, The London-based Founder And Brains Behind abokiFX

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Naira-dollar exchange rate has soared on the platform in the last couple of days. The platform currently recommends that Bureau de Change operators buy dollar at N560 and sell at N570.

On ban of forex sales to Bureau de Change operators, Emefiele said that the bank will not go back on its previous stance. According to him, these BDC operators sell foreign exchange to criminals who import weapons to harm Nigerians and promote different forms of terrorism.

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The CBN Governor said, “It truly beats my imagination that Nigerians continued with this type of practice (selling dollars to BDC) that tended to promote illegal activities who are involved in graft and corrupt practices.

“We won’t support the corrupt tendencies of those who illegally buy dollars from our forex market, carry them in aircraft, buy arms and ammunition and bring them back into the country and conduct crimes. Whether it is Boko Haram, banditry and other nefarious activities.”

“Why will CBN give people our forex to go and buy arms? And that is what people want us to continue to do. We cannot do that. What we are saying is that if you have any legitimate need for forex, take it to the bank and they will sell you FOREX.”

Watch our trending video of the day below;

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Photo Credit: Getty

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