Connect with us


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



The governor of the Central Bank of Nigeria (CBN) Godwin Emiefiele, has advised Nigerians to ignore the black-market exchange rate for the Naira to other foreign currencies, branding it, a window for unscrupulous individuals to milk the economy.

According to Emiefiele, Nigerians with legitimate dollar needs should use their banks not the black market as there is enough forex to meet the demands.

Emiefiele, while responding to questions after the MPC meeting on Friday, particularly fingered Olusegun Adedotun Oniwinde, the owner of abokifx, an online platform that collates exchange rates as an illegal trader who uses his website to manipulate the market.

He also revealed plans to arrest Oniwinde who currently resides in United Kingdom, to answer for the damage he has done to the Nigerian economy.

READ ALSO: AbokiFX founder, Oniwinde Adedotun, risks 2 years in prison, N600,000 fine amid CBN crackdown

“I have requested for the website to be shut and the owner arrested, we can not allow this to continue,” he said

AbokiFX is a website that publishes the parallel market exchange rate of the Naira against other currencies of the world on a daily basis.

The company was registered in the UK in 2015 as a sole owner but there are also other significant owners, which include Boaz Associates Limited, Esther’s Limited, ES Merchant Limited and AbokiFX, a company he founded six years ago.

“Oniwinde is using the information on Abokifx to milk the economy, while manipulating the exchange rate.

“Oniwinde will be arrested and made to answer to the law,” CBN governor added.

Join the conversation


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