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AbokiFX suspends updates on forex rate

Popular foreign exchange rate aggregator, Aboxi FX, has suspended the daily updates on foreign exchange rates in the country.

The development followed the Central Bank of Nigeria (CBN) announcement of its plan to investigate AbokiFX and its founder, Oniwinde Adedotun, for alleged foreign exchange rate manipulation.

However, in a statement on Friday night, the platform said it would no longer publish exchange rates at least for now, and expressed hope that the naira stabilised.

It also rejected the CBN’s claim of market manipulation.

The statement read: “Aboki FX is fully functional but we will not be publishing any form of rates on our platform for now. We sincerely hope this suspension will lead to the naira appreciation from next week. With our decision to temporarily suspend online rate publication, we are aware that there will be limited visibility of parallel rates information which will impact decision-making for many.

“None of our data source providers know who we are or what their rates are being used for. This is to avoid any manipulation of rates. Our staff have a daily routine of going to the market to gather rates as all the BDCs (Bureau De Change operators) in the country have their rates clearly displayed on their rates board and parallel market dealers give the information away freely. All we do is collate all that information and display it on all our platforms daily.”