Kayode ShopekanAbokiFX has debunked rumors going round that the platform trades in foreign exchange.
According to a statement issued on the Friday 17th of Sept., 2021, AbokiFX declared that it does not trade in Foreign exchange, adding that it has always stated it in its emails and all 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.
“We collated data for years before we started publishing, as we realised the demand increased for our historical data.”
In view of the allegations against the owners of the platform, AbokiFX has decided to put on hold activities relating to data on the parallel market.
The Management of AbokiFX has decided to temporarily suspend rate updates on its platform but the news and crypto rates sections will still be active.
According to information on its platform, AbokiFX is a research and information company that was established in 2014 to carry out market research and gather data on the parallel market rates.
It further explained that it’s platform is just a parallel rates board but to many institutions, ranging from IVY league universities, to global businesses and research centres, “we are a key source of data, especially, historical data (almost a decade’s worth of data on parallel rates).
“Companies use our data for their internal and external audits as well as planning and budgeting.
“We ONLY publish what we source on the streets of Lagos, hence the phrase, Lagos Parallel Rates.
“The rates sourced are carefully collated, reviewed and a mean rate is published from the data pool.
Recall that the Central Bank of Nigeria had earlier on Friday said it will prosecute the owner of Aboki FX, for operating an illegal and criminal platform for foreign exchange in the country.
Governor of the Central Bank of Nigeria, Godwin Emefiele, said that the CBN, will shut down the operations of Aboki FX, a website providing currency exchange information.
According to Emefiele, the CBN doesn’t recognize any forex market window besides the Investors and Exporters window.
Emefiele stated this after the Monetary policy committee’s two-day meeting in Abuja on Friday, adding that the Apex bank 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.”
The Naira-dollar exchange rate has soared on the platform in the last couple of days. The platform currently recommends that Bureau de Change operators buy dollars at N560 and sell at N570.
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