abokiFX, a popular website that aggregates the unregulated market rates of the naira, has temporarily suspended the online publication of rates to see if the naira will appreciate.
This is coming after the CBN said its activities was unlawful and it was profiting from the manipulation and speculation of rates. It went as far as declaring the founder Oniwinde Adedotun wanted.
In a statement shared on its Twitter handle @abokifx explaining its position, the firm denied reports that it trades in foreign exchange adding that it does not have the power to manipulate the rates.
“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 maintained 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.”
The statement said that AbokiFX is yet to receive any official communication from the CBN.
“Outside the media allegation, we have not received any communication from any government body, and our accounts are not closed as speculated in the media.”
On the way forward, the firm said it will temporarily suspend online rate publication.
“abokiFX 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.”