Home News Exchange Rate: CBN To ‘Shut Down’ Popular Aboki FX Website

Exchange Rate: CBN To ‘Shut Down’ Popular Aboki FX Website

Central Bank of Nigeria's (CBN) governor Godwin Emefiele gives a press conference on the naira devaluation during a media briefing in Abuja on June 15, 2016. Nigeria's central bank said today it will ease currency controls and allow the naira to devalue as the country works to attract investment amid a worsening economic outlook. Central Bank of Nigeria (CBN) governor Godwin Emefiele said in a televised speech from Abuja that the currency market will be "purely market driven". / AFP / PHILIP OJISUA (Photo credit should read PHILIP OJISUA/AFP/Getty Images)

According to a report by The PUNCH, the Central Bank of Nigeria has said that it will shut down the operations of Aboki FX, a provider of currency exchange information, which the bank described as an illegal and criminal platform.

The Governor of the CBN, Godwin Emefiele, who disclosed this while fielding questions after the Monetary policy committee’s two-day meeting in Abuja on Friday, noted that the bank also 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.”

According to Emefiele, the CBN doesn’t recognize any forex market window besides the Investors and Exporters window.

Checks by our correspondent showed that the website, Aboki FX, is still up as of time of filing this report.

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 dollar at N560 and sell at N570.

Details soon…

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