Central Bank Of Nigeria’s Governor Threatens ‘Aboki FX’ For Crisis In The Foreign Exchange Market

To shut down their operations it described as illegal.

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The Central Bank Governor, Godwin Emefiele, said the bank would shut down the operations of Aboki FX an online foreign exchange platform for the troubles in the country’s  FX market. CBN also described the platform as an illegal entity.

Aboki FX released a statement saying it will no longer provide daily updates on foreign exchange rates following the complaints by CBN and that they hoped as a result the naira would stabilise.

“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. 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 platform denied manipulating the market, adding that there was no way it could have such power.

 

As regards allegations of fraud also levelled against its founder, Olusegun Oniwinde, by the CBN governor, the company said such allegations were not proven.

The firm said it doesn’t trade forex and it had always stated this on social media.

“Aboki FX purely provides benchmark parallel rate information which helps guide our users in almost 200 countries across the world. Aboki FX does not trade FX which we have always maintained in our emails and social media platforms”

 

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