CBN Cracks Down on AbokiFX for Giving Daily Updates on Naira Free-fall

 

Alt: = "photo showing Nigeria's Central bank governor Godwin Emefiele, bundle of naira notes and bundle of dollar notes"

AbokiFX, which posts daily updates of the exchange rate on its website, was targeted in a letter 

The Central Bank of Nigeria (CBN) has sent letter to commercial banks requesting transaction records of the AbokiFX over an alleged breach of the National Intelligence Committee Act of 2004, a move which appeared to targeted at  cracking down on AbokiFX, a popular forex publishing platform.

AbokiFX, which posts daily updates of the exchange rate on its website, was targeted in a letter.

Most of Nigerian media outlets rely heavily on AbokiFX in recent weeks to publish frequent and steep crashing of the naira against American dollars at the parallel markets.

A spokesman for the CBN did not respond to requests seeking clarification about the move against AbokiFX throughout Thursday.

Some analysts say that some of these online daily updates are speculations with artificial rates which causes panic in the system and with no time the these artificial rates become the market rates.

CBN Governor, Godwin Emefiele has faced criticism perceived incompetence has led to naira’s depreciation, as all the measures taken by the apex bank to improve the value of the naira are not yielding any positive results, rather, thee currency continues deplete. 

The naira has dipped considerably against the U.S dollar over the past two weeks. From N525 per dollar on September 1, it closed at N570 on Thursday, according to AbokiFX.


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