CBN accuses AbokiFx of manipulating parallel market rates


During the latest CBN MPC Meeting which was held on the 17th of September, CBN Governor, Godwin Emefiele accuses AbokiFx, a privately-owned Forex update website of manipulating parallel market rates.

According to the CBN Governor, the ownership and activities of AbokiFx are suspicious at best and declared Mr Olumide Oniwinde, owner of Abokifx, wanted.

“Mr Oniwinde is an illegal fx dealer that has inflow and sold tens of millions of fx to several Nigerian companies in contravention of the fx law, he directly benefits from the rates he quotes daily on his website. It is completely illegal and unacceptable”

The website which has been up and running since 2015, is the lead source of black market foreign exchange rates in Nigeria. With registered BDC operators across several states in Nigeria and a daily anonymous survey of BDC forex rates, Abokifx has proven over the years to be the most reliable source of parallel market rates to Nigerians.

In a statement released over the weekend, AbokiFx says that besides media allegations, the CBN is yet to shut down the Abokifx website. However, they will be halting forex updates temporarily, hoping that “the suspension will lead to the Naira appreciation from next week”

How such decisions impact the market and its rates moving forward is yet to be seen.


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