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HomeTop NewsNigeria's naira tumbles vs dollar at N570/$ as CBN investigates AbokiFX founder

Nigeria’s naira tumbles vs dollar at N570/$ as CBN investigates AbokiFX founder

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By Oludare Mayowa

The Naira continued its free fall against the dollar on the parallel market on Thursday, closing at N570 to the greenback as the Central Bank of Nigeria (CBN) is said to be investigating Oniwinde Adedotun, the founder of AbokiFX over allegations of forex malpractice.

The local currency, which was sold at N562 to the dollar on Wednesday at the parallel market was down by 1.42 percent against the dollar on Thursday.

Traders attributed the free fall of the local currency against the dollar to lack of dollar liquidity in the market, which service the bulk of retail and small and medium scale businesses.

Many importers depend largely on the parallel market to source their foreign exchange need, putting pressure on the local currency as the official window remains restrictive for forex endusers due to dollar shortages.

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Also, the official NAFEX widow is feeling the heat as the naira depreciated at the official market by 0.24 percent at the close of market on Thursday.

At the I&E forex market, the naira fell against the dollar to N413.07 compared with N412.06 close the previous day.

Traders said most participants at the market maintained bids between N405.00 and N415.00 per dollar.

Buzz on the social media indicated that the founder of AbokiFX, an online platform supply daily forex market rate, is being investigated by the regulatory bank for alleged huge forex transactions and price manipulations.

It was learnt that the regulatory bank is looking into and “unusual forex transactions” conducted by Adedotun through many of his accounts, which is considered illegal since he is said not to possess approval or licence to trade in foreign currencies.

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