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We don’t trade FX: Abokifx.com replies CBN

A spokesman of Abokifx.com has offered a preliminary response to CBN governor Godwin Emefiele, vehemently denying the website has been involved in naira manipulation and sabotage.

In a mailed response, the spokesman denied in capital letters all the allegations against abokifx.com.

He also explained the site’s modus operandi:

“AbokiFX does NOT TRADE FX NEITHER DO WE MANIPULATE RATES IN ANYONE’S FAVOUR”, he said.

“ALL RATES PUBLISHED ARE RANDOMLY SOURCED DAILY FROM VARIOUS MARKET LOCATIONS IN LAGOS ONLY.

“THE SOURCES ARE NEVER AWARE OF THE USE OF THEIR RATES WHICH HELPS AVOID ANY FORM OF MANIPULATION OR DISTORTION AS WE USE A LARGE SAMPLE SIZE.

“THIS EXPLAINS WHY OUR RATES ALIGN WITH THE MARKET, AS THE MARKET IS THE SOURCE OF THE RATES.

“THIS ALSO EXPLAINS WHY WE HAVE THREE DAILY QUOTES AS WE NEED MARKET GUIDANCE”.

The spokesman said the CBN is yet to contact the company over any allegation and that none of its accounts has been blocked, as at 4.05pm when he sent a mailed response to us.

“CBN has not contacted us yet with any allegation but in light of the MPC meeting today, some information will be coming out from our legal team.

“AbokiFX still remains a research and information entity with the sole aim of gathering and sharing market data with the public.

“Our accounts are not closed and are still functional at the time of sending out this information.

“Our legal team is currently working on putting a statement out shortly”.

After the Monetary Policy Committee meeting in Abuja today, CBN governor, Godwin Emefiele said the owner of the abokifx website, Mr. Olusegun Adedotun Oniwinde, a UK based Nigerian, has been declared.

He accused Oniwinde of economic sabotage.

Oniwinde’s abokifx.com, publishes the daily rates of the Naira, in the unregulated market.

Emefiele confirmed reports that the apex bank has been making enquiries on the legality of the operations of abokiFX.

Emiefiele referred to Oniwinde as an illegal FX dealer, who will be prosecuted for endangering the Nigerian economy.

Publishing the rates, the CBN contended is against the the “National Intelligence Committee Act”.

Emefiele said Oniwinde started the abokiFX operation in 2015 and has since milked the economy by taking position, while manipulating the exchange rate.

Emefiele promised to ensure that Oniwinde is captured and made to answer to the law.

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