The worst part is that the founder of this Abokifx stays in England. He is a fucking greedy man, so many people will not agree with me but if you buy dollar constantly you will agree with me.

alignacademy:


Thanks for sharing

Never heard of the platform frankly.

But if it's been publicly available since 2014, how did it suddenly become illegal overnight?

Maybe those who know better can enlighten the rest of us...

i have known the site for over 4 years now

FreeStuffsNG:

Please don't make same mistake you are accusing him of.
He is speaking for himself not for Nigerians. Na dem dem; they are all about whataboutism while they use their education to destroy what others are building. He or she may not even be in Nigeria! They blame Buhari and Emefiele for protecting the rest of the innocent citizens from their greed and ungodly sabotage of our national currency.
Imagine how anyone won't see anything wrong in one random guy singlehandedly fixing parallel exchange rate here in Nigeria from his room in the UK and not even claiming to be a Nigerian and not based in Nigeria! The company itself is registered in the UK with £1000 in its account for 6 years yet moving millions of USD here in Nigeria and fixing exchange rate!
They are many! I pray that God will help PMB and Emefiele end their reign of terror and economic sabotage.
May God bless Nigeria.

Well if there is economic sabotage by abokifx, then the Apex bank is still at fault for not curbing it earlier . For me , the bulk of the blame rests on CBN . Their policies are too erratic . No clear vision of what they want to do . They have been pointing accusing fingers at everyone except themselves . They created the atmosphere for these things to happen . Devalued the naira , pegged official rate while the parallel market was left to speculations . How many registered BDCs do we have and who gave the over 15,000 BDCs licences ? If each states has just 2 or 3 plus the banks , they will be much easier to monitor and regulate . They created the monster .

adonainana:


Pls if you are one of those people that normally say the opposite of what rational people say or do just to think you know what you are talking about or make you look different then pls stop

This is not the right time

exchange rate for a commodity ( whatever the commodity is currency, petrol etc )os crested if there via the original market for that commodity or item

Where do you want Nigerian banks to find 1 million dollars chukewuemka wants to go and use to import items from China from hence the need to source the dollars from another market which is not official

Please don’t dare reply me that the importer shouldn’t import what Nigeria lives and feeds on everyday

Sometimes it’s better to be quiet if you don’t know anything and just let those who know dictate and explain to those of you who don’t know much

In my post i mentioned the need for CBN to make dollars available. I repeat "there should be nothing like bureau de change" let's have a unitary flows of dollars to the bank alone and see if getting 1 million dollars for a genuine importer will be So diff8cult for banks.

etokhana:


Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has confirmed the investigation of Oniwinde Adedotun, the founder of abokiFX.



On the platform, Naira is quoted at 570 to the dollar at the parallel market, though the apex bank had described it as an illegitimate market.

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) 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,”.

“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. “

What a useless CBN Governor! [b]If you want to sell the dollar, go to your bank and sell it[/b].

Na yam?

Such man would have been sacked had Nigeria been a sane and forward-looking country.

kowopealajo:
your knowledge is limited I swear on my grandfather’s grave. This Abokifx guy is seriously killing Nigerians, we Nigerians in diaspora know what is happening. On what basis is the guy increasing the rate?

His forex exchange board isn't the only available option..

You want to regulate a market, you flood with competitors.. And information.
That way the monopoly is challenged.!!!!!



Taking Abokifx out - - simply leads to a replacement with a tetraheaded serpent, on foreign soil - outside of your legal jurisdiction.

Then what do you do


.

AfonjaFX

blaise26abj:

Well if there is economic sabotage by abokifx, then the Apex bank is still at fault for not curbing it earlier . For me , the bulk of the blame rests on CBN . Their policies are too erratic . No clear vision of what they want to do . They have been pointing accusing fingers at everyone except themselves . They created the atmosphere for these things to happen . Devalued the naira , pegged official rate while the parallel market was left to speculations . How many registered BDCs do we have and who gave the over 15,000 BDCs licences ? If each states has just 2 or 3 plus the banks , they will be much easier to monitor and regulate . They created the monster .

Like I stated earlier, it's better late than never.
This one is a bold one by CBN and it's commendable. All some of us want is a great country and we learn every day. Like Nairametrics reported, heads will roll but it's for the good of the nation.
They need our prayers and support too.
God bless Nigeria.

etokhana:
https://www.nairaland.com/6756639/cbn-shuts-down-abokifx-bank#105876490



https://www.thecable.ng/breaking-cbn-confirms-investigation-of-oniwinde-adedotun-abokifx-founder/amp

Ok I hear you bro

Nobody is insulting emefiele on account of his religion or tribe, compared to if the CBN had been an “Abubakar Bala”?

You see the problem of the country amongst people and the hypocrisy on this forum?

The painful part of the misrule we are bei g subjected to is the the oppressor Sabi use our kins to deal with us.... Those our brother do the hatchet work very well to please their pay masters thereby keeping their job.... How on earth will I sell my fx to a bank that will buy at 470 when the street will give me 570....o wrong nau....

For those who have not heard, Punch and Leadership newspapers reported today that Dollar has hit 570 Naira.

This is not from Abokifx. Abokifx simply collects data and publishes it just as journalists do.

this is worst than terrorism.
it's the height of economic sabotage

Newboss:
For those who have not heard, Punch and Leadership newspapers reported today that Dollar has hit 570 Naira.

This is not from Abokifx. Abokifx simply collects data and publishes it just as journalists do.

collect data from where.
simple economy call it speculation data.
CBN gives the real data.
where is he getting his data ?
if he can get that he will be freed.

posting fake data

kowopealajo:
your knowledge is limited I swear on my grandfather’s grave. This Abokifx guy is seriously killing Nigerians, we Nigerians in diaspora know what is happening. On what basis is the guy increasing the rate?

The guy is not the one increasing the rate. The guy simply collates data from the street and reports it.

Naijabdcs is the official website of BDC in Nigeria. Data is also published there. Abokifx is basically like a journalist who reports facts.

Even The Punch and Leadership newspapers today reported that Dollar is at 570 Naira.

iconnecta:


collect data from where.
simple economy call it speculation data.
CBN gives the real data.
where is he getting his data ?
if he can get that he will be freed.

posting fake data

It's not fake data. He collects data from the currency dealers. It has been known from time immemorial that the rates of BDC is different from that of CBN, and the rate of banks are even different from that of CBN. He also publishes bank rates.

This guy keeps track of that data. Go round and see for yourself. Meet that aboki that sells currency and ask for rate. You can even set up your own website and be collecting and publishing data from the street

MEffy!!

Good at pointing his finger at everyone else other than himself and Bubu

post=105909616:
We will patiently be waiting for the outcome

commenting like you're relevant in the scheme of things

Miyachi:

You're joking.

How long has AbokiFX been in operation? Since time immemorial, there has always been a parallel USD/NGN market that trades at a premium and there will always be until international trade settlement is no longer in USD and the CBN can sufficiently meet demand.

Market prices are a reflection of supply and demand amongst other things. AbokiFX only publishes the prices as they are, it is a tool for price discovery, and every reasonable market has one. It does not influence the market in any way, it is the unreasonable policies of this government that have caused this chaos.

Thank you for your analysis...Them some idiots with no prior knowledge open their stinking mouths because they think everything is about politics. And they feel everybody is a barbecue griller...

i really need to thank God for giving Nigerians buhari , He gave us buhari in His infinite mercies to punish Nigerians for their acute stupidity in voting for buhari without thinking or asking questions , and my prayers is as buhari and his cohorts continue to pour put heart rending and bloody hardships policies on Nigerians , may God grant Nigerians the wisdom to realize their folly and correct their mistakes in future . thank you Lord

FreeStuffsNG:
Another one bites the dust. He claimed to be a British citizen who sits down in his comfy in London and fixes parallel exchange rate to raise the incentive for speculators.
This is a bit late for CBN to have figured since but it's better late than never. This forex racketeering and speculation just has to stop! He dare not try this criminal activity in the UK, his adopted country, but he is sitting overseas and using his education to wreck an already bad situation yet folks are here wondering what his going on The CBN governor is right that he will make sure the guy face charges for economic sabotage.

Go and check out comments and posts by this Oniwinde guy, he will even be among those blaming Buhari and Emefiele! There are many Oniwinde here on Nairaland.

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria.

Spot on sir. They are speculating on our currency and taking advantage of the situation knowing how people have come to trust that website

Tmex:

In my post i mentioned the need for CBN to make dollars available. I repeat "there should be nothing like bureau de change" let's have a unitary flows of dollars to the bank alone and see if getting 1 million dollars for a genuine importer will be So diff8cult for banks.

I don't know why this should be a big issue. All CBN need to do is to establish following process where if one need to pay for goods outside the country or go on vacation

1 Go to the bank initiate a wire transfer and pay for the goods This way no need for individual to have foreign currency in their hand
2, If going on vacation establish a limit on allowable FX exchange like $5000. Furnish all necessary papers and that is it.
3. Get rid of Dom Account.

Here in the US I don't a DOM account in Pound Sterling or Yuan to do business with a company in United Kingdom or in China.

adonainana:


Pls if you are one of those people that normally say the opposite of what rational people say or do just to think you know what you are talking about or make you look different then pls stop

This is not the right time

exchange rate for a commodity ( whatever the commodity is currency, petrol etc )os crested if there via the original market for that commodity or item

Where do you want Nigerian banks to find 1 million dollars chukewuemka wants to go and use to import items from China from hence the need to source the dollars from another market which is not official

Please don’t dare reply me that the importer shouldn’t import what Nigeria lives and feeds on everyday
Sometimes it’s better to be quiet if you don’t know anything and just let those who know dictate and explain to those of you who don’t know m

Why would Chukwuemeka need millions of dollars to import what can be produced in Nigeria? These are the things that put pressure on the currency

But what is the offence of this AbokiFX really, is it not like an ordinary website which others visit? Someone with inside knowledge on this issue should enlighten us

Miyachi:

You're joking.

How long has AbokiFX been in operation? Since from time immemorial there has always been a parallel USD/NGN market that trades at a premium and there will always be until international trade settlement is no longer in USD and the CBN can sufficiently meet demand.

Market prices are a reflection of supply and demand amongst other things. AbokiFX only publishes the prices as they are, it is a tool for price discovery and every reasonable market has one. It does not influence the market in any way, it is the unreasonable policies of this government that has caused this chaos.

aboki start when i was in unilorin 2014,
i was using it for my USD look up,
but i later discovered it was a scam.

especially for parallel market, the disparity with CBN rate is over rated.
this is killing our economy .

do you know bank ATM rate is currently N460 per USD
while aboki manipulate parallel market to N570 per USD.
please to what END ?
to fill his and his cronies bank account right ?

please where is he getting his price from ?

What concerns abokifx with the higher demand of dollars to is supply? Many people in this buhari govt. no even get sense. Reduce the demand for dollar and see if anybody can sell the dollar at high priced rate in the parallel market.

etokhana:
https://www.nairaland.com/6756639/cbn-shuts-down-abokifx-bank#105876490



https://www.thecable.ng/breaking-cbn-confirms-investigation-of-oniwinde-adedotun-abokifx-founder/amp

post=105909628:

Incoherent jargons as usual.
Instead of you to be patient and read comments from people who know about this, you are here embarrassing yasef online.

Adedotun is now a Hausa name to you aight?
Y'all will be alrite las las.....
Kontinue....

kilonshele omo komole

Validated:
Emefuele, do not stsrt a war you cannot win. Even Buhari will abandon you once aboki report you are killing their business.

He can only go after a website, he dare not go near the abokis selling dollars at 550 on the streets. Shebi he knows they are there but he keeps shouting go to your bank.

If you approach bank they won't have dollar because they've sold it all to the aboki on the street. Bank will advise you to go meet mallam sef. Emefiele is a stupid man.