The Central Bank of Nigeria at the end of its Monetary Policy Committee Meeting (MPC) accused abokiFX, a website that collates black market exchange rates of naira of engaging on an “illegal activity that undermines the economy”.
The apex bank’s Governor, Godwin Emefiele, accused the owner and publisher of the platform, Oniwinde Adedotun, of involving in “illegal forex trading”.
The CBN has come under pressure in recent weeks after the value of naira plummeted following the bank’s decision to stop the sales of dollars to Bureaux De Change (BDCs)operators barely 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.
Briefing news men on the outcome of the Monetary Policy Committee meeting, Godwin Emefiele said the apex bank had been studying the activities of abokiFX in the last two years.
“There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates,” he said.
He alleged that Mr Adedotun lives in the UK and publishes arbitrary rates without contacting BDCs.
“He is a Nigerian, living in England, we will track him, Mr Oniwinde, we will track you.
“We cannot allow you to continue to kill our economy.”
Mr Emefiele alleged that Mr Adedotun uses his website for forex manipulations and speculations by purchasing forex to make a profit.
“It is completely illegal and unacceptable,” he said.
“Mr Oniwinde is an illegal fx dealer that have inflow and sold tens of millions of fx to several Nigerian companies in contravention of the fx law, he directly benefits from the rates he quotes daily on his website.”
Mr. Emefiele said the only exchange rate market remains the I&E window.
“I am sorry to say that I do not, and I do not intend to recognise any fx in the market,” he said.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it.”
Meanwhile, the management of AbokiFX, a website that collates black market exchange rates in Nigeria, in a statement announced that the website will suspend publishing rates after the Central Bank of Nigeria threatened the group.
“abokiFx has taken the decision today, the 17th of September 2021, to temporarily suspend rate updates on all our platforms, until we get better clarity of the situation,” the statement published partly reads.
It said the final rates have been posted Friday evening and that its news section and the Crypto rates section will still be active.
The statement debunked the CBN claims of “illegal activity that undermines the economy” saying all allegations towards it’s director were not confirmed.
“All allegations against our director are yet to be confirmed but we at abokiFX DO NOT trade FX nor do we manipulate parallel market rates,” the statement reads.
“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.
“We sincerely hope this suspension will lead to the Naira appreciation from next week.”
Most local news organisations rely on data posted on Abokifx for the parallel market trading and reporting.
The value of the currency (Naira) fell to N570.00 per $1 on Friday from less than N520.00 to a dollar it traded before the ban of forex sales to the Bureau De Change(BDC) operators on July 27.
However, the currency snatched a meager gain against the U.S dollar at the official market on Friday. It closed at N412.88 per $1.
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