Banking & FinanceBusiness

Aboki FX Suspends Forex Rate Publication After CBN’s Threat To Shut Website

Ebuka Daniel

AbokiFX has announced the suspension of the publication of daily rates on its platform following the clampdown of the Central Bank of Nigeria on the website.

But the firm in a statement dated September 17 replied the apex bank saying it hopes its suspension of daily rate would save the naira at the unofficial market by next week.

The fallout between both parties became public on Friday when the CBN accused the website of manipulating the foreign exchange market through fraudulent activities.

On Friday, the apex bank’s governor, Godwin Emefiele, accused the founder of the website, Oniwinde Adedotun, who is a London based Nigerian of carrying out “nefarious and criminal activity on our economy.”

But the website denied all allegations leveled against it by the Central Bank.

The website said, “Aboki FX is fully functional but we will not be publishing any form of rates on our platform for now.

“We sincerely hope this suspension will lead to the Naira appreciation from next week.”

On the allegation that its director is involved in forex manipulation, the firm said it is not aware of such dealings.

“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.

“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.”

Back in 2017 when the naira fell to N500/$ due to Nigeria’s foreign exchange crisis, the apex bank also accused the website of forex manipulation.


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