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CBN Accuses AbokiFX Founder Of Manipulating The Economy

CBN Accuses AbokiFX Founder Of Manipulating The Economy

The Central Bank of Nigeria (CBN) has declared the founder of AbokiFX, Oniwinde Adedotun wanted, accusing him of currency manipulation, speculation, and illegal forex dealings.

AbokiFX is a website that publishes the parallel market exchange rate of the naira against other currencies.

While responding to questions at the end of the 280th Monetary policy meeting (MPC) meeting of the apex bank in Abuja on Friday, Godwin Emefiele, CBN Governor, referred to Adedotun as an illegal FX dealer.

He said he will be prosecuted for endangering the Nigerian economy.

He said, “Mr. Oniwinde started the AbokiFX operation in 2015 and has since milked the economy by manipulating the exchange rate.”

“Oniwinde lives in London while concocting criminal activities on our economy. Our preliminary findings shows that the company continues to file the same cash account in the United Kingdom whereas he maintained about 25 accounts with 8 banks in Nigeria, milking the system and collecting cash through Automatic Teller machines in London.

“He then sells tens of millions in FX to company’s in Nigeria; we will go after them all”.

Emefiele further said according to the CBN Act, section 2, only the apex bank can determine the value of the naira. He promised to ensure that Oniwinde is captured and made to answer to the law.

He also said, “I have given instructions to our experts to go after his website and let it be clear that we will go after him because we can’t allow this to continue.”

According to Emefiele, the CBN doesn’t recognize any forex market window beside the Investors and Exporters window.

AbokiFX hasn’t officially replied to these allegations.

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