AbokiFX does not influence our forex rate – BDC operators

Bureau De Change operators on Friday distanced themselves from abokiFX, saying the foreign exchange rate aggregator does not influence the black market price.

A market survey by Ripples Nigeria revealed that the exchange rates for dollar, Pound Sterling, and Euro on abokiFX are different from the BDC operators’ asking price.

The Central Bank of Nigeria (CBN) is currently investigating abokiFX and its founder, Oniwinde Adedotun, for forex rate manipulation.

Findings by Ripples Nigeria also showed that AbokiFX had contravened the National Intelligence Committee Act of 2004 by reporting a different forex rate from that of the CBN.

While the apex bank has declared Adedotun wanted for forex rate manipulation, about six BDC operators claimed they have never heard of AbokiFX until their chat with Ripples Nigeria.

READ ALSO: CBN to arrest founder of AbokiFX for allegedly manipulating foreign exchange rates

They insisted has no influence on the black market price.

One of the BDC operators said they sold Pound Sterling for N750/Naira, dollar N560/Naira and Euro N640/Naira.

“We bought dollar for N570/Naira, Pound N770/Naira, and Euro N655/Naira,” he added.

A check on AbokiFX revealed a slight difference in the exchange rates.

AbokiFX reported on its platform showed the following: for dollar – N560 (Buy)/N570 (Sell), pound – N763 (Buy)/N770 (Sell), and Euro – N647 (Buy)/N655 (Sell).

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now