Barely 72 hours after the Central Bank of Nigeria restrained AbokiFX publication, Nigeria’s local currency, Naira has gained ₦20 on Monday morning, September 20, 2021, dropping to ₦550 per dollar from ₦570 it closed last Friday.
The massive gain of the Naira in the black market on Monday is coming a few days after the Central Bank of Nigeria (CBN) accused abokiFX of being responsible for the sliding of the naira against the dollar at the parallel market (black market).
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AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014.
Recall that last Friday, it was reported that Naira was quoted at 570 to the dollar at the parallel market (black market) on the platform, though the CBN had described it as an illegitimate market.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” Emefiele said. “I am sorry to say that I do not, and I do not intend to recognise any fx in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it.
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“ If you want to sell the dollar, go to your bank and sell it.” Emefiele said the apex bank had been investigating the abokiFX website and its owners in the last two years.
“We have been studying the activities of abokiFX in the last two years,” he added. “There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates.
“He is a Nigerian, living in England, we will track him, Mr Oniwinde, we will track you. “We cannot allow you to continue to kill our economy.”
Reacting to the allegation, AbokiFX temporarily suspended rates on all its platforms, amid a Nigerian Central Bank investigation (CBN).
AbokiFX announced the suspension on social media on Friday evening, adding that it “sincerely hopes the suspension will lead to the Naira appreciation from next week.”
However, only 72 hours after the CBN governor and AbokiFX clashed, the Naira gained ₦20 against the dollar today, selling at N550 per dollar, down from ₦570 per dollar last Friday.
Some Bureau De Change (BDC) operators who spoke with Eko Hot Blog on Monday morning, when the Naira opened at ₦550 to the US dollar, said there were several reasons for the dollar’s drop and the Naira’s rise.
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“For the time being, we are selling at ₦550,” a BDC operator told our correspondent, adding, “By the end of the day, it could be higher or lower than this.
“There is uncertainty in the air now because of this AbokiFX and CBN issue, so many people are selling with fear that it might go back to the CBN official rate in the black market,” said another BDC operator, who also confirmed the dollar to naira exchange rate opened at ₦550 per dollar today.
Another BDC Operator told NewsOne Nigeria on Monday morning”When we tell customers the amount we intend to buy, they always check AbokiFX; but now they can’t confirm again. This affected the dollar rate this morning.
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