The management of abokiFX has temporarily suspended the publication of currency exchange rates on its website henceforth.
This action was made known via a press release this evening apparently in response to CBN’s claim that the company was using its site to manipulate the exchange rate to make profits from FX transactions.
In the press release, the management of abokiFX said it has taken the decision to temporarily suspend rate updates on all its platforms, until they get better clarity of the situation. They added that “final rates have been posted this evening but the abokiFX news section and the Crypto rates section will still be active.”
“abokiFX was established in 2014 as a research and information service company, to conduct market research and gather data on the parallel market rates. We also wanted to provide some transparency around the parallel market with the availability of information technology.”
“abokiFX purely provides benchmark parallel rate information which helps guide our users in almost 200 countries across the world. abokiFX does NOT TRADE FX, which we have always maintaned in our emails and social media platforms.”
“We do not trade FX neither do we have the power to manipulate the rates as we DO NOT CREATE the rates.”
“We are the only entity in Nigeria that has a full set of parallel rates, right from our inception in 2014 when the exchange rate was trading at N166 to $1.”
The company also stated that they get the rates from the streets of Lagos. “The rates sourced are carefully collated, reveiwed and a mean rate is published from the data pool. This explains our daily updates – *Morning, ** Midday, ***Evening.”
“None of our data source providers know who we are or what their artes are being used for. This is to avoid any manipulation of rates.”
As per CBN’s allegations against Mr Oniwinde Adedotun, abokiFX’s Director, the management said that “All allegations against our director are yet to be confirmed but we at abokiFX DO NOT trade FX neither 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.”
The company ends by saying that it hopes that the suspension of the publication of rates will lead to the Naira appreciation from next week.
