GeorgeTheCoder:


Seun should make serious attempts restrain stupid people like the one above from commenting on his forum.

How on earth can AbokiFx be the problem ?

Not Boko haram and terrorism, not a mannequin leader who rarely addresses the nation, not a an absentee finance minister, not reduced inflow of investment, not increasing poverty, not a customs service that is out of control, not the lack of an economic team or clear policy direction, not arbitrary borrowing without end to build railways to economically dead countries ...

Not all those, but AbokiFx - a website run from London that almost nobody outside tech and a few dealers has heard of.
The naira is collapsing because Buhari's team is incompetent. Period

DubaiLandLord1:
Please carry this your foolish and useless explanation comot my front.

Sw!ne!!

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

shiwex:
What sense? Explain? Is Nigeria the only country with such websites?

Newboss:


BDC is NOT illegal. You can check that again. CBN just no longer sells currencies to BDC. BDC source for their own currencies.

Abokifx is about BDC rates. Hence, not wrong source.

justmondris:
Why is Buhari and CBN not fighting the northerners that are still selling dollars on the streets? Which kind one sided fight be this ?

onegig:
This is classless but i agree with the CBN's decision to close down AbokiFx.

The question we should ask ourselves is. Where does AbokiFx get their information from? How is it aggregated? What are their sources?

What processes go into vetting the details? Do they have independent auditors?

Someone can't abitrarily sit down in the corner of their house and determine the exchange rate of a whole nation.

What stops AbokiFx owner and his friends and family from buying millions worth of $ at a price today and 3 days later hike the rates on their site only to resell at insane profits. They can do this rinse and repeat by just manipulating the numbers.

That's a federal and financial crime which can be liable to nore than 20years in prison.


There's absolutely nothing pushing prices of dollar frim 490 to 570 in the space of a month except speculation. No fundamental indicators, nothing . Not like the country defaulted on some big bad loans or we just experienced magnitude 10.0 scale of earthquake destroying all of the country.

So what has been driving the prices up if not some players manipulating the market.

overseasnbeyond:
why you no go agree, since you no get work

DubaiLandLord1:
I agree with the CBN Governor on this.

You can't just sit down in the UK, speculating about the naira, telling us you're getting data from abokis on the street.

The CBN should treat BDC operators still buying and selling dollars like a terrorist group. Only banks should be in charge of buying and selling of dollars and must be fully monitored by the CBN.

thebosstrevor1:


At the moment government sees bdc as an illegal entity that have no right to determine exchange rate. They are banned.

Since bdcs are banned and have no access to bdc, then compiling exchange rate from a banned source is illegal and economy sabotage.

Lagosfinder:
Just joining this conversation


Please what's the offense of abokifx


Is it that the data displayed on the platform are against national security?

armadeo:


Simple make the supply more than the demand and watch the dollar crash.

Where he wan see dollar. No exports. All imports. Clowns think they know what they are doing.

ToyinDipo:
Clueless people, why not instruct the banks to increase international transaction limit on ATM cards.

FreeStuffsNG:

They are enabling the speculators. According to the CBN, at the whims of one random guy sitting in his room in the UK, he fixes what is called parallel rate in an arbitrary and illegal manner and the speculators cash out in daylight robbery. He has multiple accounts he uses here in Nigeria and cash out over there in his UK base while the rest of the citizens cry foul here. The CBN no doubt should have acted sooner but it's still better late than never.

FreeStuffsNG:

They are enabling the speculators. According to the CBN, at the whims of one random guy sitting in his room in the UK, he fixes what is called parallel rate in an arbitrary and illegal manner and the speculators cash out in daylight robbery. He has multiple accounts he uses here in Nigeria and cash out over there in his UK base while the rest of the citizens cry foul here. The CBN no doubt should have acted sooner but it's still better late than never.

FreeStuffsNG:
Is that not what they did but unpatriotic folks some of you guys don't see anything wrong with what they are doing, hide it under pillow to speculate.

alexvic12:
It isn't one-sided.

I agree that the government can do more, but we have to tackle it one at a time.

Websites reach far more people than those "abokis".

Besides, government alone cannot fight them. We have to fight our greed first.


No matter how much the government does to stop the "abokis", many people still run to them because they want more than the official rate that the government has set.

Many people only use banks when they want to buy cos it's lower.

When it's time to sell, they go for BDCs where they can get a higher value.

Let's fight the greed first and "abokis" will go out of business.

Bouz:
How many times has the cbn under emefiele disbanded those aboki from hawking dollar and yet its still on going, that matter pass emefiele.

bunto:
Mister, everything is not about you!
They do that because of money laundering.