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By Dipo Olowookere

The popular website that tracks the exchange rate of the Naira against major foreign currencies, AbokiFX, has announced it will suspend its pending updates when it gets “better clarity” of the currency manipulation allegation being made. against him by the Central Bank of Nigeria. (CBN).

CBN Governor Godwin Emefiele hinted Friday that the platform was responsible for the recent fall of the local currency on the parallel market.

Mr Emefiele said he has been monitoring the website’s activities for the past two years, alleging that its owner, Mr Oniwinde Olusegun Adedotun, trades currencies and manipulates numbers to cause panic in the financial system, promising to make sure he is for follow-up.

But in a statement released on Friday, the platform said, “We don’t trade currencies and (sic) we don’t have the power to manipulate rates either because we DO NOT CREATE rates.”

He pointed out that “We ONLY publish what we get on the streets of Lagos, hence the expression, Lagos Parallel Rates”.

AbokiFX explained that “the obtained rates are carefully collected, examined and an average rate is published from the data pool. This explains our three daily updates – * Morning, ** Noon, *** Evening.

“Sometimes the rates come late, but we have to wait for all the rates before their publication, to avoid the volatility of the rates,” he added in the statement.

The website has said, for now, that it will not publish parallel market rates but will continue to update its crypto news and rates sections until further notice.

“We sincerely hope that this suspension will lead to the appreciation of the Naira from next week,” he said, adding that “With our decision to temporarily suspend the publication of rates online, we are aware that there will be limited visibility of parallel rate information, which impacts decision making for many.

Below is the company’s unedited statement;

AbokiFX made the decision today, September 17, 2021, to temporarily suspend pricing updates across all of our platforms, until we get better clarity.

The final prices have been published this evening but the news section abokiFX and the Crypt ° tariffs section will still be active.

WHO WE ARE

abokiFX was established in 2014 as a research and information service company, to conduct market research and collect data on parallel market rates.

We also wanted to bring a certain transparency around the parallel market with the availability of information technologies.

abokiFX only provides benchmark parallel rate information that helps guide our users in nearly 200 countries around the world.

abokiFX DOES NOT TRADE FX, which we have always maintained in our emails and social media platforms.

We do not trade currencies, nor do we have the power to manipulate rates because we DO NOT CREATE rates.

We are the only entity in Nigeria to offer a full set of parallel rates, since our inception in 2014 when the exchange rate was trading at N166 against Sl.

We gathered data for years before we started publishing, as we realized that the demand for our historical data was increasing.

For most of the users of our platforms, we are just a parallel pricing advice, but for many institutions, ranging from IVY League universities to global companies and research centers, we are a key source of data. , especially historical data (almost a decade of parallel rate data).

Companies use our data for their internal and external audits as well as for planning and budgeting.

We ONLY post what we get on the streets of Lagos, hence the term, Lagos Parallel Rates. The resulting rates are carefully collated, examined, and an average rate is published from the data pool. This explains our three daily updates – * Morning, ** Noon, *** Evening.

Sometimes rates come late, but we have to wait for all rates before releasing them, to avoid rate volatility.

None of our data source providers know who we are or what their rates are for. This is to avoid any manipulation of rates.

It is a daily routine for our staff to go to the market to collect the rates, as all BDCs across the country have their rates clearly displayed on their rate charts and the parallel market rate brokers freely provide information.

All we do is put all of this information together and post it daily across all of our platforms.

2017 vs 2021 REPLAY

In 2017 Nigeria experienced a currency crisis and the Naira depreciated to over N500 / $ 1. abokiFX has been accused of manipulating parallel market rates.

Once the cash was injected, the Naira appreciated and we released the appreciation, which is basically what we are doing.

2021 saw a similar scenario with the depreciation of the naira and we published what was given to us which has led some to believe that we are manipulating the market. Yet no one can complain that our rates deviate +/- 2% from the parallel market rates when they frequent market resellers.

If we don’t create the tariffs, then how can we control the tariffs. Our only sources of revenue have been our API and ad sales.

ALLEGATIONS AGAINST OUR DIRECTOR

All allegations against our manager have yet to be confirmed, but at abokiFX we do NOT trade currencies or manipulate parallel market rates.

Apart from the media allegation, we have not received any communication from any government agency and our accounts are not closed as stated in the media.

THE PATH TO FOLLOW

abokiFX is fully functional BUT we will not be posting any form of pricing on our platforms at this time. We sincerely hope that this suspension will lead to the appreciation of the Naira from next week. With our decision to temporarily suspend online pricing publication, we recognize that the visibility of parallel pricing information will be limited, which will impact decision making for many people.


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