Crisis Loom Between CBN, Abokifx.com Over Alleged Manipulation Of FOREX

LAGOS SEPTEMBER 18TH (NEWSRANGERS)-The Federal Government has said it will shut down the operations of Aboki FX, a website providing currency exchange information, which the bank described as an illegal and criminal platform.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, who disclosed this while fielding questions after the Monetary policy committee’s two-day meeting in Abuja on Friday, noted that the bank also plans to prosecute the owner of the platform, Olusegun Oniwinde.

He said, “I have given instructions to our experts to go after his website and let it be clear that we will go after him because we can’t allow this to continue.”

According to Emefiele, the CBN doesn’t recognize any forex market window besides the Investors and Exporters window.

Checks by our correspondent showed that the website, Aboki FX, is still up as of the time of filing this report.

Naira-dollar exchange rate has soared on the platform in the last couple of days. The platform currently recommends that Bureau de Change operators buy dollar at N560 and sell at N570.

On ban of forex sales to Bureau de Change operators, Emefiele said that the bank will not go back on its previous stance.

According to him, these BDC operators sell foreign exchange to criminals who import weapons to harm Nigerians and promote different forms of terrorism.

The CBN Governor said, “It truly beats my imagination that Nigerians continued with this type of practice (selling dollars to BDC) that tended to promote illegal activities who are involved in graft and corrupt practices.

“We won’t support the corrupt tendencies of those who illegally buy dollars from our forex market, carry them in aircraft, buy arms and ammunition and bring them back into the country and conduct crimes. Whether it is Boko Haram, banditry and other nefarious activities.”

“Why will CBN give people our forex to go and buy arms? And that is what people want us to continue to do. We cannot do that. What we are saying is that if you have any legitimate need for forex, take it to the bank and they will sell you FOREX.”

Reacting, spokesman of Abokifx.com has offered a preliminary response to CBN governor Godwin Emefiele, vehemently denying the website has been involved in naira manipulation and sabotage.

In a mailed response to P.M.News, the spokesman denied in capital letters all the allegations against abokifx.com.

He also explained the site’s modus operandi:

AbokiFX does NOT TRADE FX NEITHER DO WE MANIPULATE RATES IN ANYONE’S FAVOUR”, he said.

“ALL RATES PUBLISHED ARE RANDOMLY SOURCED DAILY FROM VARIOUS MARKET LOCATIONS IN LAGOS ONLY.

“THE SOURCES ARE NEVER AWARE OF THE USE OF THEIR RATES WHICH HELPS AVOID ANY FORM OF MANIPULATION OR DISTORTION AS WE USE A LARGE SAMPLE SIZE.

“THIS EXPLAINS WHY OUR RATES ALIGN WITH THE MARKET, AS THE MARKET IS THE SOURCE OF THE RATES.

THIS ALSO EXPLAINS WHY WE HAVE THREE DAILY QUOTES AS WE NEED MARKET GUIDANCE”.

The spokesman said the CBN is yet to contact the company over any allegation and that none of its accounts has been blocked, as at 4.05pm when he sent a mailed response to us.

“CBN has not contacted us yet with any allegation but in light of the MPC meeting today, some information will be coming out from our legal team.

Our accounts are not closed and are still functional at the time of sending out this information.

“Our legal team is currently working on putting a statement out shortly”.

After the Monetary Policy Committee meeting in Abuja today, CBN governor, Godwin Emefiele said the owner of the abokifx website, Mr. Olusegun Adedotun Oniwinde, a UK based Nigerian, has been declared.

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