AbokiFX Resumes Forex Rates’ Posting As Emefiele Languishes In DSS Detention



AbokiFX, an online portal that disseminates daily foreign exchange rates in the black market, has resumed operations over two years after it was put on hold following a public spat with Godwin Emefiele, the Central Bank of Nigeria’s (CBN) under fire governor.

Emefiele indicted the platform in September 2021 with destroying the Nigerian economy by disseminating speculative black market prices in an effort to game the system.

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However, AbokiFX restarted its operations in July 2023 after Emefiele was accused of corruption and was in the Department of State Services (DSS) custody for several weeks.

The platform is now posting parallel market rates the naira is exchanging for dollars, pounds and Euros.

AbokiFX cultivated a reputation as the most reliable unofficial platform which tracked black market forex trade when Nigeria operated a chaotic multiple forex markets system.

In his public spat with AbokiFX, Emefiele challenged the founder, Oniwinde Adedotun, to show up at his office to fight him. He accused Adedotun of dodging numerous attempts to engage him for an understanding of AbokiFX’s model.

He also accused the founder of being an illegal forex dealer who sold tens of millions of naira in forex to numerous Nigerian companies in contravention of forex laws, while also directly benefitting from the daily rates advertised by AbokiFX.

“It is an economic sabotage and we’ll pursue him wherever he is. We will report him to international security agencies.

“We’ll track him, Mr Oniwinde, we’ll find you, because we cannot allow you to continue to conduct an illegal activity that kills our economy,” he said at a press conference.

AbokiFX promptly suspended posting rates after Emefiele said directives had been been issued to go after the website.

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