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CBN and AbokiFX Battle Over Naira Rate

CBN and AbokiFX Battle Over Naira Rate

  • The Central Bank of Nigeria has declared the activities of the online black market exchange rate website Abokifx illegal
  • CBN governor Godwin Emefiele accused the CEO of the platform Oniwinde Adedotun of illegal forex trading
  • The foreign exchange rate website had agreed to suspend all naira-related activities pending the time that the issue is resolved

The government has come under immense pressure recently as the value of naira plummeted following CBN’s decision to stop dollar sales to BDC operators.

The Central Bank of Nigeria (CBN) appears to have found a solution to the drastic fall of the country’s currency.

Online foreign exchange rate website Abokifx is currently being investigated by the CBN.

The governor of the Apex bank Godwin Emefiele accused the CEO of the forex update platform Oniwinde Adedotun of illegal forex trading.

Abokifx

In a response to the financial regulator’s claims Abokifx has agreed to suspend all rates on all its platforms temporarily.

In a statement released on Twitter on Friday evening, the exchange website also aimed a dig at the CBN claiming that it hopes “that the suspension will lead to the Naira appreciation from Next week.”

Abokifx claims that final rates had been posted as the company prepares to switch attention to the news update and crypto sections.

At the time of this report, the Naira is currently changing hands with the dollar at a rate of N570 per dollar.

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