abokiFX, a website that monitors the movement of foreign exchange rates, has suspended its publishing of rates following investigations launched against the company by the Central Bank of Nigeria (CBN).
The company announced this in a statement published on its website and social media platforms on Friday.
Godwin Emefiele, CBN Governor, had on Friday confirmed the investigation of abokiFX following what he described as “illegal foreign exchange transactions” conducted by the company.
He described the market as an illegitimate one.
But reacting, abokiFX rejected the allegations by the CBN Governor, saying the platform is solely for parallel rate information and does not engage in forex manipulation.
It also stated that it does not trade forex as alleged by the apex bank.
The statement read: “abokifx has taken the decision, today, 17th of September 2021, to temporarily suspend rate updates on all our platforms until we get better clarity of the situation.
“Final rates have been posted this evening, but the abokiFX news section and the Crypto rates section will still be active.
“abokiFX was established in 2014 as a research and information service company, to conduct market research and gather data on the parallel market rates. We also wanted to provide some transparency around the parallel market with the available information technology.
“abokiFX purely provided benchmark parallel rate information which helps guide our users in almost 200 countries across the world.
“abokiFX does NOT TRADe FX, which we have always maintained in our emails and social media platforms.”
The company said it has not received any official communication from any government agencies and its bank accounts remain intact.
It also stated that the accusations made against its founder, Oniwinde Adedotun, are unproven.
The statement read: “All allegations against our director are yet to be confirmed but we at abokiFX DO NOT trade FX neither do we manipulate parallel market rates.
“Outside the media allegation, we have not received any communication from any government body and our accounts are not closed as stipulated in the media.
“abokiFX is fully functional BUT we will not be publishing any form of rates on our platforms for now.
“We sincerely hope this suspension will lead to the Naira appreciation from next week.
“With our decision to temporarily suspend online rate publication, we are aware that there will be limited visibility of parallel rates information which will impact decision making for many.”