New Telegraph

February 24, 2024

abokiFX suspends forex updates

Abokifx, a website that collates parallel market exchange rates in Lagos, has announced that it would suspend publishing rates after the Central Bank of Nigeria (CBN) announced that the founder of the company was being investigated over alleged forex infractions.


In a statement published on its website late on Friday, abokiFX denied the allegation, saying the platform was solely for parallel market rates information and not trading.


The statement partly reads: “abokifx has taken the decision, today, 17th of September 2021, to temporarily suspend rate updates on all our platforms until we get better clarity of the situation.”




It said the final rates have been posted Friday evening and that its news section and the Crypto rates section would still be active.

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, had told journalists at the end of the Monetary Policy Committee (MPC) meeting on Friday,that the apex bank was investigating Oniwinde Adedotun, the founder of abokiFX.


The CBN Governor accused Adedotun of using the platform for “illegal forex trading,” adding that, he will ask security agents to go after him.


Mr. Emefiele said: “We will report him to international agencies; we will track him, Mr Oniwinde- we will find you, because we cannot allow you to continue to conduct an illegal activity that kills our economy.


“For those who think they are smart and they want to continue to sabotage the efforts of the Central Bank in running this economy for the good of Nigerians and this government, we will make life very difficult for you.


“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 Mr. Emefiele, CBN’s preliminary findings revealed that Mr. Adedotun built abokiFX for the purpose of foreign exchange manipulations and speculations.


“He gets naira notes and uses it to purchase dollars, take a position and change the rates over a given period, sell the dollars they purchased and make a profit. This is completely illegal; it is unacceptable and we will pursue them,” he stated.


However, in the statement published on Friday, abokiFX denied the CBN’s claims, saying all allegations against its Director were not confirmed.


The statement partly reads: “All allegations against our Director are yet to be confirmed but we at abokiFX do not trade FX nor do we manipulate parallel market rates.


Outside the media allegation, we have not received any communication from any government body and our accounts are not closed as stipulated in the media.”

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