Talk Zone

TALK!! Don’t You Think CBN Did The Right Thing Closing Down AbokiFX “Black Market” Platforms In Nigeria? (See This)


On the 17th September 2021, the Central Bank of Nigeria (CBN) has said that it will shut down the operations of Aboki FX.

AbokiFX is a website providing currency exchange information, which CBN described as an illegal and criminal platform.

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According to the Clueless andincompetent Governor of the Central Bank of Nigeria, Godwin Emefiele, who disclosed this while fielding questions after the Monetary policy committee’s meeting in Abuja, noted that the bank also plans to prosecute the owner of the platform, Olusegun Oniwinde.

He said,

“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 Emefiele, the CBN doesn’t recognize any forex market window besides the Investors and Exporters window.

In response to CBN threats, Aboki FX said in a statement on Friday that it would no longer publish exchange rates for now and hoped that the naira would stabilise.

“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,” it said.

The platform denied manipulating the market, adding that there was no way it could have such power.

It further stated that it usually gets its information from bureau de change operators in Lagos.

“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” they added.

MY THOUGHTS:

On the other hand, I think CBN did the right thing closing down AbokiFX operation in Nigeria.

I have nothing personal against them, as a matter of fact, I use their platform on daily basis as an internet marketer.

BUT, I support the central bank of Nigeria this time and for the first time.

QUESTION:👉 Who is giving them the informations they update on their website daily? What is their data source?

In as much as some of us including me, benefits from the high exchange rate of dollar to naira, I think it’s time we call a spade a spade. Naira loses value on daily basis and it is no longer funny. The cost of living is becoming unbearable.

As an internet marketer, $100 will give me 57K naira, which is profitable. But how about those who earns in naira? Whose monthly income is below 50K naira. How are they gonna survive?

So you see, AbokiFX is really causing confusion and harm to Naira, with their unverifiable dollar rates. That’s manipulation, even though Buhari-led government is the worst mistake Nigerians ever made in history.

Like I said earlier, let’s call a spade a spade. This can’t happen in foreign countries like the US, UK, CANADA and the rest. An individual and non-governmental company updating the country currency exchange rate? C’mon man, it can’t happen. The company owner will be arrested immediately.

But this is Nigeria, a LAWLESS nation. Anybody can do anyhow sha.🤷🏾‍♂️

The website, Aboki FX, is still up as of the time of filing this report.😂

BUT,

Don’t You Think CBN Did The Right Thing Closing Down AbokiFX “Black Market” Platforms In Nigeria?

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