CBN Governor, Godwin Emefiele, had said the bank would shut down the operations of Aboki FX which it described as illegal.
.
However, Aboki FX said in a statement on Friday September 17,2021 that it would no longer publish exchange rates for now and hoped that the naira would stabilise.
.
However, Aboki FX said in a statement on Friday September 17,2021 that it would no longer publish exchange rates for now and hoped that the naira would stabilise.
from @punchnewspaper.
Please I don’t understand. How does he manipulate the exchange rate? Is it not what is currently selling in the black market or because he is making it known publicly? Explanation please?
ReplyDeleteHe does ohhh. Abokifix is a go to for most Nigerians living in Europe and all Abokis operating.. CBN can pump in money as they into banks to bring down black market yet people go to them for exchange. They are often higher. Their market determines buyers sellers importers exporters forex use not bank. Bank sef no gree give . Least they give is 5000usd only. How people wan do business? Aboki fixed should be shut down completely
DeleteI changed dollar to Naira at the rate of 545 on Monday. By yesterday, I was told it's now 560. The prices of commodities and food is going higher on a daily basis she the government is blaming Abokifx for its failure?
ReplyDeleteWhat a shame
I actually changed for 570 yesterday..I was so pained...smh!
DeleteNa wa. How is AbokiFx responsible for the current exchange rate when our economic policies are very unrealistic and not favourable to the average Nigerian.
ReplyDeleteI really wish this government and their cronies will learn to take responsibility for their shortcomings instead of looking for who to blame.
He is sort of responsible as the makes whatever changes he likes. U wake up one morning and it's a certain amount and everyone esp. Blackmarket just follows it. In other words, he sort of regulates what dollar sells in black market when sometimes cbn rate is still the same. He is actually making millions from it cis he sells to companies
DeleteThis comment has been removed by the author.
DeleteFX Sellers refer to Aboki's rates before selling.Unfortunately,these rates are fuelled by money launderers,Terrorists,smugglers etc resulting into hikes suffered by all of us.
ReplyDeleteTraitors full this country
DeleteSelfish, greedy, wicked
Someone should come and explain this,how does AbokiFx distabilize the naira bikonu
ReplyDeleteThey exposed the real crash in naira as against what cbn had said.
ReplyDeleteHow exactly did he manipulate the figures?As usual,they are only looking for a scape goat to take the blame.
ReplyDeleteThis abokifx sources for the dollars here for business investments using 25 different accounts in about 8 banks but goes over to London to withdraw all the dollars from his domiciliary accounts through ATM cards then sells at black market back to buyers in Nigeria all the way from london, the huge hoarding from his end
Deletemakes dollars to remain in high demand for Nigerians thereby pushing the exchange rate higher daily.
Oh!really?
DeleteBut this claim is not enough to devalue the naira when the Nigerian govt reduced the amount of money you can withdraw from the atm abroad to $100 pér day. With a 25 bank account the max he can withdraw is $2,500. How did that devalue the economy?
DeleteWhile the excuse of dollar round tripling accusation can be considered a crime...it's not significant enough to bring the entire Nigerian exchange rate economy to its knees as implied by the cbn governor.
Also the manner in which the bn governor even accused the guy made it seem like he has personal vendetta against him.
Thanks Anon 10:19, clearly Anon 09:26 doesn't know what s/he is talking about. There's a limit you can withdraw from your dom account monthly and it's even far lower than you can withdraw aboard. So this your argument no follow. Even with the 25 accounts do you know how much that is minutiae when compared to how Nigerians change forex. My malam guy was looking for £100k few weeks ago and he's not even a major BDC.
DeleteBut the Nigerian govt devalued the naira ..the current exchange is the ripple effect of that, why put the blame on abokifx??
ReplyDeleteThese government people steady looking someone else to lay their in competencies on.
ReplyDeleteWetin concern abokifx with price rates?
They should give a better explanation.
Mtscheew
You know nothing. None of you talking trash here have the information available to CBN. It is always the ignorant that condemns what they do not understand. Most of you become pseudo experts when condemning experts who have spent decades in their various fields
DeleteYou are the one talking in the rubbish. Is aboki fx a new company?? Why is it that it is only in this regime that he is crashing the economy??? The govt is bereft of ideas and they need someone to blame. Now that abokifx has been shut down, let's see if dollar will crash to below 200 as it was prebuhari.
DeleteAnon 9:26, this explanation is the one given by CBN. I want you to take some time and think about it a bit. I can assure you, it makes no sense. You mean the hoarding of dollars to get to 550/$ is being done using ATMs? This is not small money we are talking about o. Make una Dey fear God.
ReplyDeleteAlexander@11.54, you made a valid point. Definitely, the CBN has a good reason for moving against the company. Maybe it was used as a scapegoat to send a warning to others.
ReplyDeleteHowever, in opaque regimes, not all can be published and not everyone punished can fully defend themselves without sinking benefactors and rent collectors.
NIGERIA SHOULD ENHANCE HER PRODUCTIVITY, PERIOD!
ReplyDeleteSo long as she remains consumer oriented, especially in the fast moving world of today, the value of her currency is bound to keep sliding.
Let them be there blaming Abokifx, rather than addressing the real issues at hand; not that Abokifx is entirely devoid of blame, sha. The info he passes out has its own effect, to some degree.
Corruption also needs to be tackled effectively. Are the likes of our oil revenue applied appropriately or are they hoarded away in the wrong pockets? When Nigeria gets sincere with itself, it won't need to be chasing the likes of Abokifx round the bend in aid of its economy.
Economists should spare us their humdrum. Their useless policies continue to fall flat on their faces; and why won't they, in the face of the twin problems mentioned above.
The best anybody can do for Nigeria now is to come up with definite ways of enhancing productivity and tackling corruption.