CBN declares AbokiFX founder wanted over naira collapse

CBN declares AbokiFX founder wanted over naira collapse
Screenshot 20210917 225932

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN) says the apex bank will track Oniwinde Adedotun, the founder of AbokiFX and the firm over posting of illegal naira-dollar rates.

AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014.

On the platform, naira is quoted at 570 to the dollar at the parallel market, though the apex bank had described it as an illegitimate market.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” TheCable quoted Emefiele as saying.

“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it.”

Emefiele said the apex bank had been investigating the abokiFX website and its owners in the last two years.

“We have been studying the activities of abokiFX in the last two years,” he added.

“There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates. He is a Nigerian, living in England, we will track him. Mr Oniwinde, we will track you. We cannot allow you to continue to kill our economy.”

The CBN governor added that abokiFX was registered in the United Kingdom in November 2015, and it was owned by one person, who claimed that there were other people with significant interests behind the business.

“On UK filing, we will go and conclude the investigation,” the CBN governor said.

“He has over 25 bank accounts in Nigeria — both naira and dollar — collecting FX through a particular ATM in London.”

Emefiele alleged that Oniwinde uses his website for forex manipulations and speculations by purchasing forex to make a profit.

“It is completely illegal and unacceptable,” the governor added.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts