Home » Forex manipulations: CBN vows clampdown on AbokiFX, operator, patrons

Forex manipulations: CBN vows clampdown on AbokiFX, operator, patrons

by Ahmad Muhammad
0 comment 1 minutes read

The Central Bank of Nigeria has said that it will track the owner of Aboki FX, an online platform that gathers and displays parallel market rates in Nigeria, and stop the operations of the website in the country.

The Governor of CBN, Godwin Emefiele, made this known after the two-day Monetary Policy Committee meeting in Abuja on Friday.

The apex bank governor said the owner of the website, a London-based Nigerian, Oniwinde Adedotun, has to explain how he obtains his rates.

This is based on the rate of the rise of the naira on the parallel market which is currently trading at N570/dollar.

He said, “On Aboki FX, yes unfortunately the Central Bank wrote a memo to banks and asked those banks to provide information about AbokiFX. We have been studying the activities of AbokiFX in the last two and half years.

“There was a particular time I called our colleagues to call the so-called owner of AbokiFX. We want to understand his model and the basis of how he came about advertising those rates.

“We found him as a Nigerian who lives in England and produces this nefarious and criminal activity on our economy. It is an economic sabotage and we will pursue him wherever he is.

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