Sunday, December 5, 2021

One Month After CBN Decried abokiFX, Free Fall Of Naira Continues

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It is nearly one month after the Central Bank of Nigeria forced foreign exchange update platform, Aboki FX, to suspend its operations, however the naira has failed to rise on the parallel market although it has stabilised, observations have shown.

Worse still, the naira dropped by 2.6 per cent to N422 per dollar, hitting an all-time low on the official market on Thursday.

The CBN Governor, Godwin Emefiele, had on September 20, 2021 accused Aboki FX of exchange rate manipulation, describing the platform as illegal and criminal.

Read Also: “Has The Naira Appreciated?” – Reno Omokri Blasts CBN Governor Days After Declaring AbokiFX Owner Wanted

Emefiele had 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.”

The platform had denied the allegations but suspended its updates, saying, “We sincerely hope this suspension will lead to the naira appreciation from next week.”

Nearly a month later, however, the exchange rate has continued to fluctuate between N570/$1 and N575/$1.

Read Also: President Buhari Presents N16.39trn Budget For 2022 To National Assembly

In Abuja on Thursday, the exchange rate stood at N572/$1 and N780/£1.

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The greenback crossed the N500 mark in July 2021 and continued to rise, hitting N570 in September.

Photo Credit: Getty

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