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HomeTop NewsAfter CBN Threats: AbokiFx says suspend publication of parallel market forex rate

After CBN Threats: AbokiFx says suspend publication of parallel market forex rate

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By Oludare Mayowa

The embattled AbokiFX, web forex exchange rate information provider said on Friday that it has suspended publication of parallel market exchange rate in the interim.

In a post on the platform, AbokiFX said it took the decision to temporarily suspend rate updates on all its plaforms, “until we get better clarity of the situation.”

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele at a media briefing after the Monetary Policy Committee (MPC) meeting on Friday said it will go after AbokiFX and shut down the platform for illegal manipulation of forex rate.

Emefiele said the founder of the web platform, Oniwinde Adedotun, who has been under investigation from the CBN over allegations of illegal forex transactions, will also be prosecuted.

“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,” Emefiele said.

But AbokiFX said in the statement that all allegations against its director are yet to be confirmed “but we at AbokiFX do not trade Fx neither do we manipulate parallel market rates.

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“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 stated.

It said the platfomr is fully functional, but would not be publishing any form of rates on its platform for now and hope the suspension of rate publication “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.”

The local currency, however, closed at N570 to the dollar on the parallel market on Tuesday, same level it close on Thursday.

At the I&E forex market, the naira appreciated by 0.05 percent as the dollar was quoted at N412.88 as against the previous day close of N413.07.

Traders said most participants maintained bids range of between N404.00 and N413.00 per dollar at the I&E window.

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