‘Let’s see if abokiFX shutdown will make $1/N1’ — Twitter users taunt CBN

CBN ready to scale up interventions for SMEs, says Emefiele CBN ready to scale up interventions for SMEs, says Emefiele

Nigerians have taunted the Central Bank of Nigeria (CBN) for accusing abokiFX as responsible for the sliding of naira against dollar at the parallel market.

abokifx is a web platform that reports movements in the foreign exchange market.

Since the apex bank placed a forex sales ban on Bureaux De Change (BDC) operators, the naira has hit the lowest rates in 48 years — trading above 550/$1.

On Friday, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), said the apex bank is investigating Oniwinde Adedotun, the founder of abokiFX for engaging in alleged forex data manipulations.


TheCable had earlier reported that Adedotun and abokiFX Limited are currently under the radar of the CBN over “illegal foreign exchange transactions”.

Later in the day, abokiFX distanced itself from the allegations, saying the platform is solely for parallel rate information and not trading.

The management of the platform also shut down the parallel market trading segment. 


Twitter users said the CBN’s move would not solve the forex crisis in the country or reverse the slide of the naira. 

Some Nigerians have also created a parallel market information website – MeffyFX — to taunt the CBN governor.




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