CBN: We’re investigating Abokifx founder for economic sabotage

CBN: We’re investigating Abokifx founder for economic sabotage

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has said the regulatory body is investigating Oniwinde Adedotun, the founder of abokiFX.

AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014.

On the platform, Naira is quoted at 570 to the dollar at the parallel market, though the apex bank 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.

“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 Nigeria, living in England, we will track him, Mr Oniwinde, we will track you.

“We cannot allow you to continue to kill our economy.”

The CBN governor added that abokiFX is registered in the United Kingdom, Nov. 2015, and it is owned by one person, who claimed that there are other people with significant interests behind the business.

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“On UK filing, we will go and conclude the investigation,” the CBN governor said.

“He has over 25 bank accounts in Nigeria — both naira and dollar — collection FX through a particular ATM in London.”

Emefiele alleged that Oniwind uses his website for forex manipulations and speculations by purchasing forex to make a profit.

“It is completely illegal and unacceptable.”

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