Amidst CBN crackdown, FX website, AbokiFX, says it will temporarily suspend rates update

An on-line foreign exchange rate website, AbokiFX, has said it will temporarily suspend rates on all its platforms pending the resolution of issues with the Central Bank of Nigeria, (CBN).

The CBN is currently investigating the website, with its governor, Godwin Emefiele, accusing it of economic sabotage, while tending to blame it for the rapid fall in the value of the naira against the dollar and other leading currencies.

Emiefiele had, while responding to questions after the MPC meeting on Friday, referred to the owner of AbokiFX, Olumide Oniwinde, as an illegal FX dealer who will be prosecuted for endangering the Nigerian economy.

Responding to CBN’s move against it, AbokiFX, in a statement posted on social media on Friday, said it was suspending operations. 

The statement said AbokiFX doesn’t trade foreign exchange, but was founded in 2014 as a research and information service company, to conduct research and gather data on the parallel market rates.

On allegations against the platform’s founder, the statement said the allegations were yet to be confirmed and that it had not received any communication from any government body; neither are the platform’s bank accounts closed as propagated by the media.

“We sincerely hope this suspension will lead to the Naira appreciation from next week,” the website further said, in the statement.

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