Nigerian Central Bank to Ask Parallel Exchange Rate Tracker to Stop Its Service

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Tracking of Parallel Market Rates Harm Nigerian Economy

Abokifx’s call came soon after the CBN’s financial policy board meeting on that day. In his replies to reporters after the meeting, governor Godwin Emefiele suspects the publisher of the tracking website, Oniwinde Adedotun, of taking unlawful activities that harm the economy.

Besides, Emefiele urged that the CBN was currently following Adedotun who may publish impulsive rates while not contacting Bureaux de Change.

Nevertheless, in its statement, Abokifx denied the report that it is orchestrating the naira’s decrease on the parallel market. Instead, the release stated that Abokifx, which was created in 2014, is doing what it was appropriate — conducting marketing research and gathering knowledge on the parallel market rates.

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In reply to Emefiele’s reports, Abokifx additionally denies that a number of its staff are contributing to the naira’s freefall. The release added:

Abokifx purely provides benchmark parallel rate information which helps guide users in almost 200 countries across the world. Abokifx does not trade forex, which we have always maintained in our emails and social media platforms.

Abokifx Accounts Not Turned Down

in addition, Abokifx stated in the release that it neither trades forex nor has the facility to govern rates. Rather, the speed following website solely publishes what it sources on the streets of Lagos and in step with what was collected on September 17, the Nigerian monetary unit had decreased to a new low of N570 against one U.S. dollar.Abokifx stated that apart from media news, it has not got “any news from any government body and its accounts don’t seem to be closed as anticipated within the media. It’s unclear whether the CBN intends to apprehend Adedotun, who is said to be in the UK now.

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