alizma:

You don't know how their action can work against the CBN measures to bring the rate down.
About 80% of the people using the black market get information on the rate from their site, now that BDC has been stopped, it is illegal for them to continue to post rate for the business they are not allowed to run again but unfortunately this guys can use their platform to create artificial rise in the rate which will eventually create rush among the buyers and before you know it, the artificial rate becomes the actual rate on the street (black market).
The only rate that should be publish is the bank rate, whatever you get your own outside is your own business which you can share as an individual but not as an organized body.

This is a wrong approach

Are you saying that, abokifx manipulates forex rates? If yes, how do you know.

daroz:
But the website is still live (viewing from Europe) cos I don’t see how just shutting down the bank account will affect the rate manipulation.

Buhari's government simply hates been told the TRUTH........

SmartPolician:


This is FALSE.

To the news, the CBN is living a cloud cuckoo land. Nigeria needs to shut down the parallel/black market and concentrate on the CBN rates.

However, I am guessing that will only happen when a southerner becomes president because the industry is dominated by the northerners. We cannot continue to run a country where most vendors exchange foreign currency based on black market prices.

Until the root cause of this mess is tackled
The status quo will remain
The CBN is fighting a lost battle

Hmmm. You are making sense. But note that the BDCs have not stopped functioning. The CBN just stopped selling forex to them. But they can source for forex from other sources, therefore, they are still in operation.

alizma:

You don't know how their action can work against the CBN measures to bring the rate down.
About 80% of the people using the black market get information on the rate from their site, now that BDC has been stopped, it is illegal for them to continue to post rate for the business they are not allowed to run again but unfortunately this guys can use their platform to create artificial rise in the rate which will eventually create rush among the buyers and before you know it, the artificial rate becomes the actual rate on the street (black market).
The only rate that should be publish is the bank rate, whatever you get your own outside is your own business which you can share as an individual but not as an organized body.

Mac2016:

I actually would like to learn how abokifx impact value of Naira. I don't think they fix the price.
Also, why for 6yrs this man's fiscal policies have no positive effect is questionable.
Soludo had some good lasting effects thru his policies.

I wish I had the time to type. But since the CBN closed the BDC markets, their deals become illegal. All was Abokifx is doing is churn out an artificial market rate. He just sits inflates the price and he creates an artificial rate, the market grabs it. 80% of the people depends on this site for exchange rate even the multinational companies while the only acceptable rate ought to be the CBN..

property123:
I am cool with this decision. That site manipulate FX rates. Someone wakes up and click on the site and tells me that is the rate he will work with. Majority of FX buyers or sellers are speculators waiting to reap massive IRO at the detriment of the overall good of the economy. The black market needs to be eliminated by any means.

Doesn't the central bank know that by easing restrictions there would be some usd windfall.
The black market exist in the first place because the central bank is price fixing, and USD liquidity is weak

The solution is simple
but we have an imp as a central bank governor who lacks wisdom

alizma:

You don't know how their action can work against the CBN measures to bring the rate down.
About 80% of the people using the black market get information on the rate from their site, now that BDC has been stopped, it is illegal for them to continue to post rate for the business they are not allowed to run again but unfortunately this guys can use their platform to create artificial rise in the rate which will eventually create rush among the buyers and before you know it, the artificial rate becomes the actual rate on the street (black market).
The only rate that should be publish is the bank rate, whatever you get your own outside is your own business which you can share as an individual but not as an organized body.

you actually don't know what you're saying. Do you realize that currencies are actually traded?

henryobinna:
the question is, are the figures on abokifx false?

Secondly, are citizens not supposed to know the rate which the naira exchanges?

What concerns you with dollars, what commodities do you export for foreign exchange before you are asking about the price of dollars?

Paxxcarl:
Honestly but why can’t cbn enforce the official rate?
Which I believe is around 410 to a dollar
Scrap the furking black market for Gods sake

Mehn, I still don't get why it's so difficult for them to do this. Mine is even to increase limit on the ATM card for international transactions, so that people won't have to go to BDCs again

AutoReportNG:


I wish I had the time to type. But since the CBN closed the BDC markets, their deals become illegal. All was Abokifx is doing is churn out an artificial market rate. He just sits inflates the price and he creates an artificial rate, the market grabs it. 80% of the people depends on this site for exchange rate even the multinational companies while the only acceptable rate ought to be the CBN..

You cannot cheat nature
You cannot cheat economic principles
okay
If e sure for the central bank
Let them make the withdrawal limit 1k USD on our cards
Let's see whether the rates will not drop
Scarcity is the issue here
And no voodoo economics can bring u out of it

RodgersAkpafu:

You cannot cheat nature
You cannot cheat economic principles
okay
If e sure for the central bank
Let them make the withdrawal limit 1k USD on our cards
Let's see whether the rates will not drop
Scarcity is the issue here
And no voodoo economics can bring u out of it

You are right on this...

TimeSpaceWizard:
The Feds created a monster and fed it for decades and it becomes a Draco, and you think closing the bank account of AbokiFX is the best way to kill the Draco?

All you have to do is kill BDC and convert all domiciliary accounts to naira, and pay out all incoming fx in local currency.

Even when you do this, watch out how cryptocurrencies will soar.

In essence, it is not too late but almost too late.

do you guys even know the root cause of Naira having low value? You think converting all domiciliary account to naira would solve your problems? People are chasing shadows while ignoring the real problem.

Once again, nobody buys the naira. Nigeria doesn't export products to foreign countries that would require them to exchange their currencies to naira to buy. Nobody buys the naira oga.

Doing what you suggested would only create serious tension than the CBN can handle. E be like you and the CBN guy dey smoke same weed

Buckeyemedia1:
What concerns you with dollars, what commodities do you export for foreign exchange before you are asking about the price of dollars?

as a publisher that receives payment from foreign companines in dollars I deserve to know what it's traded at so as to not be swindled by folks like you

Arda1000:
oponu

Ni baba e

Actually he would still be better off. Because, he has dollars that he can convert to naira. Eg if he has $2,000 and converts to naira with an exchange rate of ₦500 to 1$, he would have ₦1 million. So you see even if things are more expensive, he would still have more naira to spend because he is converting from dollars to naira.

danowena:


I believe you are abroad and thinks ur dollar has more value because it gives you more naira. Then you are quite myopic because the cost of everything increases as the naira is devalued since every thing is imported.
Keep praying for the economy to go down rather for it to be stronger.
You also forget that whatsoever investments you make within the country is also reduced in value.

henryobinna:
the question is, are the figures on abokifx false?

Secondly, are citizens not supposed to know the rate which the naira exchanges?

Nigerians & hypocrisy, why must they get their information from abokifx, did anyone make them the official website for forex info? Naijas must always look for a scapegoat, whilst the truth is that the lazy population with no innovation have not been able to export their commodities for foreign exchange, & are always look for a scapegoat. Instead of the price of commodities, it is forex they are watching?

henryobinna:
you actually don't know what you're saying. Do you realize that currencies are actually traded?

The way currency is traded is the same way shares are traded oga, and people can manipulate it, all that is needed is a substantial influence on the buyers either directly or through the media.

Buckeyemedia1:
Nigerians & hypocrisy, why must they get their information from abokifx, did anyone make them the official website for forex info? Naijas must always look for a scapegoat, whilst the truth is that the lazy population with no innovation have not been able to export their commodities for foreign exchange, & are always look for a scapegoat.

Should you be blaming Nigerians or the mishandlers of the economy?

The root cause of the high exchange rate is simple, we all know this but somehow think by the CBN fixing the rate would automatically boost the economy and by extension the value of the naira. If the CBN is sure thier crazy approach is working, they should allow the market fully determine the value of the naira.

Nukilia:
CBN is now waking up to the monsters who have destroyed our economy with their false narratives!

GRTBR

Reporting the actual rates of exchange is what you call destroying the economy with false narratives?

May people like never see anything good out of this country. Your blinded sycophancy will not destroy the good works patriotic citizens in the country

It is possible that powerful politicians and businessmen are behind the BDCs.
It is also possible that the BDCs have nothing to do with the falling naira.

Paxxcarl:
Honestly but why can’t cbn enforce the official rate?
Which I believe is around 410 to a dollar
Scrap the furking black market for Gods sake

lwisee:
Good move, most people sit behind their laptops, check the exchange rate on abokifx before giving you quotations.
The next thing you hear is 'Oga everything is expensive now ooo
Even 1 dollar is now N560 I swear, you can check abokifx'

Government need to shutdown the website as well.

abokifx don't control rate.
They give you the rate in market that's all

Google has an app for forex rates? Please what is the name of the app?

profmallor:
Lol, so this is CBNs solution to the economic crisis they have unwittingly landed us into. They should also write google to block their app as well useless and clueless CBN. They believe leave the innocent man, he is not the reason for their infinitesimal confusion.

How sure are you that abokifx manipulates forex rates?

property123:
I am cool with this decision. That site manipulate FX rates. Someone wakes up and click on the site and tells me that is the rate he will work with. Majority of FX buyers or sellers are speculators waiting to reap massive IRO at the detriment of the overall good of the economy. The black market needs to be eliminated by any means.

henryobinna:
do you guys even know the root cause of Naira having low value? You think converting all domiciliary account to naira would solve your problems? People are chasing shadows while ignoring the real problem.

Once again, nobody buys the naira. Nigeria doesn't export products to foreign countries that would require them to exchange their currencies to naira to buy. Nobody buys the naira oga.

Doing what you suggested would only create serious tension than the CBN can handle. E be like you and the CBN guy dey smoke same weed

Except you are into advance fee fraud, asking for all fx to be converted to naira and all dorm acct shut down as well as closure of all bdc shouldn't bother you.

Granted that Nigeria is not a net exporter of products which will organically strengthen the currency and you can't actuate export immediately but you can do something and that is what the immediate solution is.

I do not really care about about these yahoo yahoo ventures that much to hate you as long as your hustle does not affect mine, but be reasonable in your comment otherwise I will ask you how long you have been stupid, though I will keep that question aside for now until you respond again with bitterness.

That's when I will attempt to ask you how long you have been stupid

The question is,

Is this the problem?

henryobinna:
Should you be blaming Nigerians or the mishandlers of the economy?

The root cause of the high exchange rate is simple, we all know this but somehow think by the CBN fixing the rate would automatically boost the economy and by extension the value of the naira. If the CBN is sure thier crazy approach is working, they should allow the market fully determine the value of the naira.

What commodities does your state Government export, promote or support for foreign exchange with the private sector? You better blame your lazy minded selves & stop chasing shadows, lack of innovation is the problem, Fela said black man, low mentality.

Please could you explain the havoc abokifx is causing, it is obvious that Many of us are not even aware of it.

AutoReportNG:


You call this dumb? If only you knew the havoc abokifx is doing you will celebrate this move.. Next is shut down the website

fineboynl:
Still functioning.

Did you go to school? Can you read? If yes, read the title and post again.

RodgersAkpafu:

You cannot cheat nature
You cannot cheat economic principles
okay
If e sure for the central bank
Let them make the withdrawal limit 1k USD on our cards
Let's see whether the rates will not drop
Scarcity is the issue here
And no voodoo economics can bring u out of it

How many of the people spend such in a month? 80% of Nigerians don't even have business with touching dollar's.
if you spend $1k this month i can bet you will have no business spending another till after a year or so, except if you are importer

You know they are foolish, the govt doesn't like the fact that they are displaying their failures in rates. it is appalling to be a Nigerian right now...

STEWpid:
Even the name go tell you say trouble dey ground.

AbokiFX must be financing terrorism..

..but Emefiele has no real power to do such.

The Northern Talibans may end him soon!

Dear Nigerians

Innovations in this context does not refer to technological innovation. It means religious innovation. It is called bid'a in Islam.

Bid'a means to introduce acts of worship that are not in the Qur'an and hadith.

Whoever innovates or invents any act of worship in islam, it will not be accepted from him.

An example of bid'a is would be praying four rakkah in maghrib prayers while the religion states that maghrib is three rakkah.

Or fasting every Friday.

Or just any other act of worship that is invented where it is obviously not in the tenets of Islam.


It would be misinforming the public to bring a picture like the one you uploaded and use it in this context. It is quite obvious that the institution in this case is in OYO state and not even in any northern state. Yoruba's are known for scholarly attributes and are in the forefront of technological innovations. This is encouraged in Islam.

May Allah save us from the enemies of Islam who are out to orchestrate confusion and incite hatred. Ameen