I just checked Abokifx and it did not show parallel market rates for the dollar and other currencies. Wondering if it is from my end or due to the recent issues with the Central Bank of Nigeria.

Honestly if so, it is rather disappointing that instead of focusing energy on finding ways to either stabilize the Naira or merge the exchange rates (BTW it has been done before by previous CBN leadership), they are busy fighting an information provider.

Happy to hear counterpoints if it is justified for the CBN to go after information providers in a supposed free market.

Obiwank:
I just checked Abokifx and it did not show parallel market rates for the dollar and other currencies. Wondering if it is from my end or due to the recent issues with the Central Bank of Nigeria.

Honestly if so, it is rather disappointing that instead of focusing energy on finding ways to either stabilize the Naira or merge the exchange rates (BTW it has been done before by previous CBN leadership), they are busy fighting an information provider.

Happy to hear counterpoints if it is justified for the CBN to go after information providers in a supposed free market.

I think we should seek information on why the Government took some decisions.
AbokiFX is as good as a felony
How can an individual determine the dollar rate of a whole Nation?
Without any economical backup
Dollars value is determined through different economical analysis,demand and supply,imports and exports..
AbokiFX owner is based Abroad and created his App or whatever it is and is individually determining what dollar is to his own benefit without any economical backup.
All BDC's refer to AbokiFX rates,why?

Under Nigeria's nose, someone was given a great power able to make or mar the Country.
Due to inflation in cost of living,demand rate has dropped by an astounding percentage,so you ask why isn't dollar bending to the rule of demand and supply?

This is because AbokiFX uses no verifiable indices to place the value on dollar,he is a tool to people's greed as his own.
If AbokiFX was patriotic, knowing the power that he has, he'll strategically reduce the value of dollar.

This is one place where our government isn't smart in,to curtail a disaster sometimes,you have to use the disaster to help rebuild the damage instead of eradicating the disaster all at once.

AbokiFX is one of Nigeria's disaster which is highly punishable, the government was meant to strike a threatening deal with him to reduce the value he puts up on dollar strategically.
Since whatever price he states on dollar goes both locally and internationally.

Lucrativress:

I think we should seek information on why the Government took some decisions.
AbokiFX is as good as a felony
How can an individual determine the dollar rate of a whole Nation?
Without any economical backup
Dollars value is determined through different economical analysis,demand and supply,imports and exports..
AbokiFX owner is based Abroad and created his App or whatever it is and is individually determining what dollar is to his own benefit without any economical backup.
All BDC's refer to AbokiFX rates,why?

Under Nigeria's nose, someone was given a great power able to make or mar the Country.
Due to inflation in cost of living,demand rate has dropped by an astounding percentage,so you ask why isn't dollar bending to the rule of demand and supply?

This is because AbokiFX uses no verifiable indices to place the value on dollar,he is a tool to people's greed as his own.
If AbokiFX was patriotic, knowing the power that he has, he'll strategically reduce the value of dollar.

This is one place where our government isn't smart in,to curtail a disaster sometimes,you have to use the disaster to help rebuild the damage instead of eradicating the disaster all at once.

AbokiFX is one of Nigeria's disaster which is highly punishable, the government was meant to strike a threatening deal with him to reduce the value he puts up on dollar strategically.
Since whatever price he states on dollar goes both locally and internationally.

I believe Abokifx was not fixing the rates but just reported the market. Even before the advent of the website, information on exchange rates flowed informally or through word of mouth.

Obiwank:


I believe Abokifx was not fixing the rates but just reported the market. Even before the advent of the website, information on exchange rates flowed informally or through word of mouth.

What Market?
We should ask
AbokiFX became the Market
Informally yes but through a verification from the Bank.
I guess we should check the dollar curve before 2014 and after 2014.

Lucrativress:

I think we should seek information on why the Government took some decisions.
AbokiFX is as good as a felony
How can an individual determine the dollar rate of a whole Nation?
Without any economical backup
Dollars value is determined through different economical analysis,demand and supply,imports and exports..
AbokiFX owner is based Abroad and created his App or whatever it is and is individually determining what dollar is to his own benefit without any economical backup.
All BDC's refer to AbokiFX rates,why?

Under Nigeria's nose, someone was given a great power able to make or mar the Country.
Due to inflation in cost of living,demand rate has dropped by an astounding percentage,so you ask why isn't dollar bending to the rule of demand and supply?

This is because AbokiFX uses no verifiable indices to place the value on dollar,he is a tool to people's greed as his own.
If AbokiFX was patriotic, knowing the power that he has, he'll strategically reduce the value of dollar.

This is one place where our government isn't smart in,to curtail a disaster sometimes,you have to use the disaster to help rebuild the damage instead of eradicating the disaster all at once.

AbokiFX is one of Nigeria's disaster which is highly punishable, the government was meant to strike a threatening deal with him to reduce the value he puts up on dollar strategically.
Since whatever price he states on dollar goes both locally and internationally.

@Lucrativress, the "economics
guru."

You made some valid points here but then you have to also realise that AbokiFX is just a Website that aggregates or publishes exchange rates across all markets, and they collect FX data "anonymously" from the markets... and so CANNOT manipulate the FX rates.

It's similar to the many travel
Websites that aggregate flight rate and/or weather Websites that aggregate local and international weather conditions!

Several international Websites
such as Moneygram also publish rates across markets.

The REAL culprits in the sabotage
of the Nigerian FX markets are the majority foreign illegal black market
dealers from Mali, Niger Republic,
Guinea, etc, and their local Nigerian collaborators the political space and the very poor CBN regulatory and monetary policies.

The black market is illegal in many countries of the world, and those operating in Nigeria (majorly foreign mallams) have to be arrested by the security agents for manipulating the markets with dubious rates!

The London-based owner of
AbokiFX (who is of Yoruba-descent) is just a scape-goat here, while the foreign mallams and their local collaborators who illegally sell
FX on the streets are walking free.

More diversification in the Nigerian economy is needed to bring in more FX in-flows from exports, investors, and the Nigeria Diaspora.

Security too matters otherwise
people will keep rushing to convert the local currency into hard currencies.

Enjoy you week.

if you need information on official forex rates, you can visit this site https://fmdqgroup.com/

they are licensed by the CBN to provide information on forex rates.

Obiwank:
I just checked Abokifx and it did not show parallel market rates for the dollar and other currencies. Wondering if it is from my end or due to the recent issues with the Central Bank of Nigeria.

Honestly if so, it is rather disappointing that instead of focusing energy on finding ways to either stabilize the Naira or merge the exchange rates (BTW it has been done before by previous CBN leadership), they are busy fighting an information provider.

Happy to hear counterpoints if it is justified for the CBN to go after information providers in a supposed free market.

I was always doing transactions with BDC guys and I check abokifx before going there. The truth be told abokifx rate is still lower than than of the bdc guys. Govt nor know where dey pain dem.

you made some very interesting points. but i want to point out somethings.

abokifx is not similar to websites that aggregate flight rates or websites that aggregate local or international weather conditions. forex, flight rates and weather are not the same thing. So using weather websites and flight rates websites to compare to abokifx is wrong.

Using moneygram to compare to abokifx is correct, because they are both publishing forex rates.

Now the difference between moneygram and abokifx is that moneygram is "MAYBE" licensed to publish those rates and those rates are gotten from the official rates of the countries for which they are publishing those rates(please note that everything in the bolded is my assumption, I am not sure if moneygram is licensed to publish rates or if they get their rates from official channels) while abokifx is not licensed to publish rates(this one i am very sure i am correct)

AlphaSoul:

@Lucrativress, the "economics
guru."

You made some valid points here but then you have to also realise that AbokiFX is just a Website that aggregates or publishes exchange rates across all markets, and they collect FX data "anonymously" from the markets... and so CANNOT manipulate the FX rates.

It's similar to the many travel
Websites that aggregate flight rate and/or weather Websites that aggregate local and international weather conditions!

Several international Websites
such as Moneygram also publish rates across markets.

The REAL culprits in the sabotage
of the Nigerian FX markets are the majority foreign illegal black market
dealers from Mali, Niger Republic,
Guinea, etc, and their local Nigerian collaborators the political space and the very poor CBN regulatory and monetary policies.

The black market is illegal in many countries of the world, and those operating in Nigeria (majorly foreign mallams) have to be arrested by the security agents for manipulating the markets with dubious rates!

The London-based owner of
AbokiFX (who is of Yoruba-descent) is just a scape-goat here, while the foreign mallams and their local collaborators who illegally sell
FX on the streets are walking free.

More diversification in the Nigerian economy is needed to bring in more FX in-flows from exports, investors, and the Nigeria Diaspora.

Security too matters otherwise
people will keep rushing to convert the local currency into hard currencies.

Enjoy you week.

Well said

Lucrativress:

I think we should seek information on why the Government took some decisions.
AbokiFX is as good as a felony
How can an individual determine the dollar rate of a whole Nation?
Without any economical backup
Dollars value is determined through different economical analysis,demand and supply,imports and exports..
AbokiFX owner is based Abroad and created his App or whatever it is and is individually determining what dollar is to his own benefit without any economical backup.
All BDC's refer to AbokiFX rates,why?

Under Nigeria's nose, someone was given a great power able to make or mar the Country.
Due to inflation in cost of living,demand rate has dropped by an astounding percentage,so you ask why isn't dollar bending to the rule of demand and supply?

This is because AbokiFX uses no verifiable indices to place the value on dollar,he is a tool to people's greed as his own.
If AbokiFX was patriotic, knowing the power that he has, he'll strategically reduce the value of dollar.

This is one place where our government isn't smart in,to curtail a disaster sometimes,you have to use the disaster to help rebuild the damage instead of eradicating the disaster all at once.

AbokiFX is one of Nigeria's disaster which is highly punishable, the government was meant to strike a threatening deal with him to reduce the value he puts up on dollar strategically.
Since whatever price he states on dollar goes both locally and internationally.

angelfallz:
you made some very interesting points. but i want to point out somethings.

abokifx is not similar to websites that aggregate flight rates or websites that aggregate local or international weather conditions. forex, flight rates and weather are not the same thing. So using weather websites and flight rates websites to compare to abokifx is wrong.

Using moneygram to compare to abokifx is correct, because they are both publishing forex rates.

Now the difference between moneygram and abokifx is that moneygram is "MAYBE" licensed to publish those rates and those rates are gotten from the official rates of the countries for which they are publishing those rates(please note that everything in the bolded is my assumption, I am not sure if moneygram is licensed to publish rates or if they get their rates from official channels) while abokifx is not licensed to publish rates(this one i am very sure i am correct)

@angelfallz, howdy?

I used the travel/weather/currency rates Websites analogy to show that they are all information aggregation sites. I know full well
that these 3 fields are different
so I did not make an error in citing them as examples.

All financial markets aggregator
Websites are at liberty to publish
information based on field research and in-house research.

Last but not least AbokiFX is a registered organisation and has since stopped publishing the
FX rates from the parallel market [i.e., black market]...

Guess what? The exchange rate situation has not improved because AbokiFX does NOT trade forex, and has absolutely nothing to do with
the manipulation of the exchange rates.

The CBN boss was only desperate to look for a scape goat and
he looked clueless and ridiculous
in the video of him telling the
London-based AbokiFX founder
to "come and fight me." LMAO!


All the best.

the bolded,
give it time, it is not up to a week since abokifx stopped publishing rates.

Also, you sound very sure that abokifx does not trade forex or does not manipulate forex rates, what makes you so sure?

AlphaSoul:

@angelfallz, howdy?

I used the travel/weather/currency rates Websites analogy to show that they are all information aggregation sites. I know full well
that these 3 fields are different
so I did not make an error in citing them as examples.

All financial markets aggregator
Websites are at liberty to publish
information based on field research and in-house research.

Last but not least AbokiFX is a registered organisation and has since stopped publishing the
FX rates from the parallel market [i.e., black market]... Guess what? The exchange rate situation has not improved because AbokiFX does NOT trade forex, and has
absolutely nothing to do with
the manipulation of the exchange rates.

The CBN boss was only desperate to look for a scape goat and
he looked clueless and ridiculous
in the video of him telling the
London-based AbokiFX founder
to "come and fight me." LMAO!


All the best.

angelfallz:
the bolded,
give it time, it is not up to a week since abokifx stopped publishing rates.

Also, you sound very sure that abokifx does not trade forex or does not manipulate forex rates, what makes you so sure?

The founder of AbokiFX in an official release said they don't
trade FX and therefore CANNOT manipulate forex rates.

He also threw an open challenge
to the CBN that the Website would stop publishing those parallel market rates just to show the CBN that they will be found innocent
of the allegations.

OK, just to be clear, I'm a player in
the financial markets and the global business space. A lot of credible financial analysts from sources such as Stears have also
emphasized that publishing fx rates on that Website has no effect on the manipulation of the market rates. Except the CBN has unerthed other charges against AbokiFX such as money laundering.

It's a good thing though that AbokiFX has stopped publishing
the so-called parallel market rates
(black market). The black market
is illegal globally and this has
persisted in that country (Nigeria) because of official connivance to take advantage of "artificial price differentials" between the official rates and the very annoying black market since the 1980s.

AlphaSoul:

@Lucrativress, the "economics
guru."

You made some valid points here but then you have to also realise that AbokiFX is just a Website that aggregates or publishes exchange rates across all markets, and they collect FX data "anonymously" from the markets... and so CANNOT manipulate the FX rates.

It's similar to the many travel
Websites that aggregate flight rate and/or weather Websites that aggregate local and international weather conditions!

Several international Websites
such as Moneygram also publish rates across markets.

The REAL culprits in the sabotage
of the Nigerian FX markets are the majority foreign illegal black market
dealers from Mali, Niger Republic,
Guinea, etc, and their local Nigerian collaborators the political space and the very poor CBN regulatory and monetary policies.

The black market is illegal in many countries of the world, and those operating in Nigeria (majorly foreign mallams) have to be arrested by the security agents for manipulating the markets with dubious rates!

The London-based owner of
AbokiFX (who is of Yoruba-descent) is just a scape-goat here, while the foreign mallams and their local collaborators who illegally sell
FX on the streets are walking free.

More diversification in the Nigerian economy is needed to bring in more FX in-flows from exports, investors, and the Nigeria Diaspora.

Security too matters otherwise
people will keep rushing to convert the local currency into hard currencies.

Enjoy you week.

Longest time AlphaSoul
My friend that likes sharing my posts
I've missed you sha

angelfallz:
Well said

Well said and you went ahead to share my posts
Are you AlphaSoul's brother?

AlphaSoul:

The founder of AbokiFX in an official release said they don't
trade FX and therefore CANNOT manipulate forex rates.

He also threw an open challenge
to the CBN that the Website would stop publishing those parallel market rates just to show the CBN that they will be found innocent
of the allegations.

OK, just to be clear, I'm a player in
the financial markets and the global business space. A lot of credible financial analysts from sources such as Stears have also
emphasized that publishing fx rates on that Website has no effect on the manipulation of the market rates. Except the CBN has unerthed other charges against AbokiFX such as money laundering.

It's a good thing though that AbokiFX has stopped publishing
the so-called parallel market rates
(black market). The black market
is illegal globally and this has
persisted in that country (Nigeria) because of official connivance to take advantage of "artificial price differentials" between the official rates and the very annoying black market since the 1980s.


Cc: Lucrativress

Time na
It'll take time before regulations can come into place,why should you expect an immediate effect..

No, I am not Alpha.Soul's brother.
What is wrong in sharing a post I agree with?

Lucrativress:

Well said and you went ahead to share my posts
Are you AlphaSoul's brother?

angelfallz:
No, I am not Alpha.Soul's brother.
What is wrong in sharing a post I agree with?

Don't tell me you don't know sharing is like a dislike button on NL
Or where did you share it to?

Lucrativress:

Longest time AlphaSoul
My friend that likes sharing my posts

I've missed you sha

Yeah... I know you do.

Make sure you follow
all Covid protocols and
remember to take your
two Moderna jabs. It's
okay to use.

Lucrativress:

I think we should seek information on why the Government took some decisions.
AbokiFX is as good as a felony
How can an individual determine the dollar rate of a whole Nation?
Without any economical backup
Dollars value is determined through different economical analysis,demand and supply,imports and exports..
AbokiFX owner is based Abroad and created his App or whatever it is and is individually determining what dollar is to his own benefit without any economical backup.
All BDC's refer to AbokiFX rates,why?

Under Nigeria's nose, someone was given a great power able to make or mar the Country.
Due to inflation in cost of living,demand rate has dropped by an astounding percentage,so you ask why isn't dollar bending to the rule of demand and supply?

This is because AbokiFX uses no verifiable indices to place the value on dollar,he is a tool to people's greed as his own.
If AbokiFX was patriotic, knowing the power that he has, he'll strategically reduce the value of dollar.

This is one place where our government isn't smart in,to curtail a disaster sometimes,you have to use the disaster to help rebuild the damage instead of eradicating the disaster all at once.

AbokiFX is one of Nigeria's disaster which is highly punishable, the government was meant to strike a threatening deal with him to reduce the value he puts up on dollar strategically.
Since whatever price he states on dollar goes both locally and internationally.

Now I know wassup. Thanks.

Thanks for all the comments but I have not really seen any link to the published rates and trajectory of the naira vs. USD.

Technology has generally increased speed of information but that does not necessarily signify causation, rather it has made the market efficient and fair to all participants by eliminating information asymmetry.

There might be a short term benefit due to lack of information but over time, the market will figure out other ways (including new AbokiFX type information aggregators springing up).

Naira needs a more fundamental intervention but restricting information wont cut it.

AlphaSoul:

Yeah... I know you do.

Make sure you follow
all Covid protocols and
remember to take your
two Moderna jabs. It's
okay to use.

Real me:Se covid still dey ni
Me:oh.. moderna jab's (kinin jebe)