The Central Bank of Nigeria (CBN) has launched an investigation into the activities of Oniwinde Adedotun, the founder of abokiFX, a foreign exchange website.
Godwin Emefiele, CBN Governor, confirmed the development on Friday following what he described as “illegal foreign exchange transactions” conducted by the company.
The platform quoted the Naira to the dollar at 570 at the parallel market on Thursday.
The CBN, however, described the market as an illegitimate one.
According to Emefiele, abokiFX’s founder, Adedotun, is illegally running his business in Nigeria from his base in England.
The CBN Governor insisted that the apex bank would not allow Adedotun and other FOREX speculators to kill the Nigerian economy.
He said: “The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it.
“I am sorry to say that I do not, and I do not intend to recognise any fx in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it.
“If you want to sell the dollar, go to your bank and sell it.”
Emefiele said the apex bank had been investigating the abokiFX website and its owners in the last two years.
He stated that the apex bank would conduct the necessary regulatory filings in England in other to further probe abokiFX’s business dealings.
“We have been studying the activities of abokiFX in the last two years.
“There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates.
“He is a Nigeria, living in England, we will track him, Mr Oniwinde, we will track you.
“We cannot allow you to continue to kill our economy.”
The CBN governor added that abokiFX is registered in the United Kingdom, Nov. 2015, and it is owned by one person, who claimed that there are other people with significant interests behind the business.
“On UK filing, we will go and conclude the investigation,” the CBN governor said.