{"id":12324,"date":"2021-09-20T10:54:04","date_gmt":"2021-09-20T10:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-central-bank-threats-force-parallel-exchange-rate-tracker-to-suspend-service\/"},"modified":"2021-09-20T10:54:04","modified_gmt":"2021-09-20T10:54:04","slug":"nigerian-central-bank-threats-force-parallel-exchange-rate-tracker-to-suspend-service","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-central-bank-threats-force-parallel-exchange-rate-tracker-to-suspend-service\/","title":{"rendered":"Nigerian Central Bank Threats Force Parallel Exchange Rate Tracker to Suspend Service"},"content":{"rendered":"

Following threats from the Central Bank of Nigeria (CBN), the management of Abokifx, a website that tracks the Nigerian currency\u2019s black market exchange rates, has announced the suspension of their daily updates. This suspension will remain in effect until Abokifx gets \u201cbetter clarity of the situation,\u201d management said on September 17, 2021. <\/strong><\/p>\n

Tracking of Parallel Market Rates \u2018Undermining\u2019 Nigerian Economy<\/h2>\n

Abokifx\u2019s decision came shortly after the end of the CBN\u2019s monetary policy committee meeting on the same day. In his remarks<\/a> to journalists following the meeting, governor Godwin Emefiele accused the publisher of the tracking site, Oniwinde Adedotun, of carrying out an \u201cillegal activity that undermines the economy.\u201d<\/p>\n

In addition, Emefiele suggested that the CBN was now tracking down Adedotun whom it accuses of \u201cpublishing arbitrary rates without contacting Bureaux de Change.\u201d<\/p>\n

However, in its own statement<\/a>, Abokifx rejects the allegations the site is orchestrating the naira\u2019s fall on the parallel market. The statement explains that Abokifx, which was established in 2014, is doing what it was set up to do \u2014 conducting market research and gathering data on the parallel market rates.<\/p>\n

In a direct response to Emefiele\u2019s allegations, Abokifx also denies that some of its personnel are fueling the naira\u2019s freefall. The statement explained:<\/p>\n

Abokifx purely provides benchmark parallel rate information which helps guide users in almost 200 countries across the world. Abokifx does not trade forex, which we have always maintained in our emails and social media platforms.<\/p>\n

Abokifx Accounts Not Yet Closed<\/h2>\n

Furthermore, Abokifx insists in the statement that it neither trades forex nor has the power to manipulate rates. Instead, the rate tracking site only publishes what it sources on the streets of Lagos and according to what was gathered on September 17, the naira had plunged to a new low of N570 versus one U.S. dollar.<\/p>\n

<\/p>\n

Abokifx claims that \u201coutside the media allegation,\u201d it has not received \u201cany communication from any government body and our accounts are not closed as stipulated in the media.\u201d It is unclear whether the CBN actually plans to apprehend Adedotun who is believed to be in the United Kingdom.<\/p>\n

Do you agree with what Emefiele has said about Abokifx? Tell us what you think in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nEconomics, Abokifx, Black Market, Central Bank of Nigeria, Godwin Emefiele, Monetary Policy, naira depreciation, naira exchange rate, naira parallel market, Oniwinde Adedotun<\/p>\n","protected":false},"excerpt":{"rendered":"

Following threats from the Central Bank of Nigeria (CBN), the management of Abokifx, a website that tracks the Nigerian currency\u2019s black market exchange rates, has announced the suspension of their daily updates. This suspension will remain in effect until Abokifx gets \u201cbetter clarity of the situation,\u201d management said on September 17, 2021. Tracking of Parallel…<\/p>\n","protected":false},"author":0,"featured_media":12325,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12324"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12324"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12325"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}