The dollar has crashed to the lowest against Naira since CBN banned AbokiFx.
Glamtush reports that the US dollar crashed on Thursday, November 11, 2021, as Naira opened the day at ₦535 with a massive gain of ₦20 at the parallel market also known as the black market.
This online news platform understands that the United States of America official currency, the dollar crashed at the parallel market also known as the black market on Thursday, November 11, 2021, trading at ₦535 per a dollar with Bureau De Change (BDC) operators buying buying at ₦530 per dollar in the Lagos market as monitored by Glamtush.
The dollar to the naira exchange rate which saw BDC operators buying at ₦530 and selling ₦535 in the Lagos market on Thursday, is against the ₦570 and ₦575 per dollar they bought and sold at the Lagos market in recent times.
Glamtushreports that the US dollar crash against Nigeria’s official currency, naira on Thursday, November 11, 2021, is coming two months after AbokiFX, a web platform that reports movements in the foreign exchange market since as early as 2014, suspended dollar to naira exchange rate updates on its website after the Central Bank of Nigeria (CBN) accused the black market exchange rate platform of being responsible for the sliding of the naira against the dollar at the parallel market.
On Friday, September 17, as reported by Glamtush, Naira was quoted at 570 to the dollar at the parallel market (black market) on the platform, though the CBN 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 Nigerian, living in England, we will track him, Mr Oniwinde, we will track you. “We cannot allow you to continue to kill our economy.”
Reacting to the allegation, AbokiFX temporarily suspended rates on all its platforms, amidst an investigation by the Central Bank of Nigeria (CBN).
Glamtush reports that the suspension was disclosed in a social media statement by AbokiFX on Friday evening, September 17, 2021, adding that it “sincerely hopes the suspension will lead to the Naira appreciation from Next week.”
“ABOKIFX HAS TAKEN THE DECISION TODAY, THE 17TH OF SEPTEMBER 2021, TO TEMPORARILY SUSPEND RATE UPDATES ON ALL OUR PLATFORMS, UNTIL WE GET BETTER CLARITY OF THE SITUATION.
” FINAL RATES HAVE BEEN POSTED THIS EVENING BUT THE ABOKIFX NEWS SECTION AND THE CRYPTO RATES SECTION WILL STILL BE ACTIVE,” THEY SAID.
“ABOKIFX DOES NOT TRADE FX, WHICH WE HAVE ALWAYS MAINTAINED IN OUR EMAILS AND SOCIAL MEDIA PLATFORMS.
“NEITHER DO WE HAVE THE POWER TO MANIPULATE THE RATES, WE DO NOT CREATE THE RATES,” THEY EXPLAINED.
“THE RATES ARE SOURCED AND CAREFULLY COLLATED,” THEY SAID, ADDING THAT IT IS ALSO REVIEWED AND MEAN RATES PUBLISHED FROM THE DATA POOL.
AbokiFX also added that during the FX crises of 2017, when the Naira appreciated to over N500/$1, they were also accused of manipulating parallel market rates.
“2021 has been a similar scenario with the Naira depreciating and we have published what we have been given, which has led some to believe we are manipulating the market,” they said.
On allegations against the platform’s founder, they said the allegations were yet to be confirmed and they had not received any communication from any government body; neither are the platform’s bank accounts closed as propagated by the media.
“WE SINCERELY HOPE THIS SUSPENSION WILL LEAD TO THE NAIRA APPRECIATION FROM NEXT WEEK,” THEY ADDED.
“WITH OUR DECISION TO TEMPORARILY SUSPEND ONLINE RATES PUBLICATION, WE ARE AWARE THAT THERE WILL BE LIMITED VISIBILITY OF PARALLEL RATES INFORMATION WHICH WILL IMPACT DECISION MAKING FOR MANY,” THEY WARNED.
Glamtush recalls that Abokifx had said in its September statement announcing the suspension of the dollar to naira exchange rate update on its website, that it hopes the “suspension will lead to the Naira appreciation from next week”. Though this was not the case as the Naira remained the same, exchanging for N575 for more than a month.
However, since the beginning of November, the US dollar has continued to fall with its major fall occurring today, Thursday, November 11, 2021, as the Naira traded at N535 per 1 dollar at the black market.
Glamtush reports that this shows that the Naira has gained N35 since AbokiFx suspended its publication of dollar to naira exchange rate on September 17, 2021, following the accusation of manipulating the figures at the black market by the CBN governor, Godwin Emefiele.
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