₦airaland Forum

Educationalserv:
usless economic terrosit firm .why not publish daily rate for the parallel markets in UK. Where the firm is located why target vulnerable developing nation with huge structural problems .why add to the misery to make dirty profits. Any body that what to know the rates in Nigeria should ask the central bank of Nigeria. Approved by law to determine it .

What you are saying makes zero sense
Mamy of you in this Nigeria just dont get it

LastProphet:
Gbam! Said it all

Gbam my ass. So Kingpele tell us why the Naira was stable for much of the 7 years AFx was in existence and why USD, crypto, stocks, bonds, etc, whose market rates are published all over the place are not same way

Brandonx:
The AbokiFx has been helpful to me and many others, their rates are always accurate when one intends to transact in the black market.
It seems this government don’t like transparency

From my experience, their rates aren’t always accurate. In fact just yesterday, we got people willing to change at 550 and 555 yet Abokifx was showing 570 on their dashboard. There have been several past instances. It is just indicative to those who are abroad who don’t have direct numbers of mallams. And a lot of people abroad who wants to sell dollars just go there and tell you Oga, dollar na so so so. “Check AbokiFX to confirm“.
To be fair on the guy, he did a lot of work to get street credibility over the years but has somehow started using it to manipulate the rates (my opinion). I used to trust it back then but not this year.

grandstar:
"We sincerely hope this suspension will lead to the appreciation of the Naira from next week" - the article said.

This is the best masked sarcasm I have ever seen. Of course, the free fall of the Naira will continue until the government allows market forces to determine the exchange.

The numbing incompetence of Buhari and his puppet CBN governor has been unparalleled since 2015.

I'm happy someone spotted the veiled sarcasm
The free fall will continue until Emefiele have a rethink

danowena:
From my experience, their rates aren’t always accurate. In fact just yesterday, we got people willing to change at 550 and 555 yet Abokifx was showing 570 on their dashboard. There have been several past instance. It is just indicative to those who are abroad who don’t have direct numbers of mallam. And a lot of people abroad who wants to sell dollars just go there and tell you Oga, dolla na so so so. Check AbokiFX to confirm.
To be fair on the guy, he did a lot of work to get street credibility over the years but has somehow started using it to manipulate the rates (my opinion). I used to trust it back then but not this year.

Is this below not 570? Is it AbokiFx?

phineas:
Nothing nice about it,it is rude and insulting to the country,and her people

How information around an economy is managed is very important. Money is a key element in a countrys soverignty.

They (aboki) made themselves the official voice (another way to see it is official representative) of a bussiness unit that had been deemed illegal in the country ,basically they are giving authenticity to an illegal activity against the directives of the country and that's their response," global bodies rely on us", "temporary stop to said activity"...and "hope the Naira appreciates" .I repeat the firm and their spokesperson are irresponsible,and their press release is offensive...

Hope you get now why it's not funny

It was intended to deliver a subliminal blow to the mumu CBN governor
Chasing rats when the house is on fire
You cannot cheat nature
Tackle problems at the root
Not at the surface

Lexusgs430:
We sincerely hope this suspension will lead to the Naira appreciation from next week.......


This line is a killer........

No wonder the drunkard CBN governor was asking the guy to come and beat him in Abuja

EgunMogaji2:
“ We sincerely hope this suspension will lead to the Naira appreciation from next week.”

Burn

Upper cut

FreeIgboho:
YOU need to do more research and THINK before you comment. What things are traded for are published all over the place. Naira cannot be an exception. Value of US dollar, stocks,, bonds, crypto, are all constantly published all over the place. Stop defending the indefensible.

You are uncouth so I will not bother. You're a full cup and can't take anymore. I wish you good luck in your arrogance.

profmallor:
Sincerely, most Nigerians want the rates to go down, why not, we are all suffering from this spikes. Even the purchasing power of those that remit from diaspora has dropped, is it the cost of building materials or services you want to speak on. All have increased in recent times. ever since this CBN decided to ban crypto trading, which was reducing the pressure on the Naira, they lost the good will of many Nigerians. So unless the cost of a barrel of crude suddenly jumps and output goes back to pre COVID times there is naturally no way the Naira can appreciate. The current CBN leadership is so eager to please their master so they ve thrown all knowledge of running an economy to the winds.

The central bank governor should be ashamed of himself
Subservient vassal.

Kingpele:
Ok shut it down completely abeg ,your speculative projections is creating panic in the business world ,panic buying and keeping dollars is rampant amongst the elites thereby making dollars to be limited and very costly.further killing our naira..if u are not conversant with this thread keep quiet ,so that u don't showcase your flaws here ..there is no way naira will recover the pressure from this firm activities as it relates to our local economy ,some selfish guys might benefits from it and is happy even if we go the way of Zimbabwe. U want government to fix the economy but criticize them whenever they try to do something useful for once.though buhari is still clueless sha

I don’t know but hear me out, what if another individual, a citizen of the USA decides he wants to set up a website that updates the price of the black market sellers, what happens next? Wouldn’t it be better if they went after the black market buyers and sellers?

FreeStuffsNG:
You are uncouth so I will not bother. You're a full cup and can't take anymore. I wish you good luck in your arrogance.

The old "If you have no argument, insult the plaintiff".
Next time think before you comment.
Bye bye

pafra:
Be informed before you comment. Twitter is begging Nigeria and not the reverse.

Why is aboki forex explain to Nigerians? Get small sense to think

Twitter beg Nigeria?
This one must be a joker

Poopypants:
I don’t know but hear me out, what if another individual, a citizen of the USA decides he wants to set up a website that updates the price of the black market sellers, what happens next? Wouldn’t it be better if they went after the black market buyers and sellers?

No mind the ignoramuses. That's when they'll truly see manipulation, collusion, and inaccuracies

danowena:
From my experience, their rates aren’t always accurate. In fact just yesterday, we got people willing to change at 550 and 555 yet Abokifx was showing 570 on their dashboard. There have been several past instances. It is just indicative to those who are abroad who don’t have direct numbers of mallams. And a lot of people abroad who wants to sell dollars just go there and tell you Oga, dollar na so so so. “Check AbokiFX to confirm“.
To be fair on the guy, he did a lot of work to get street credibility over the years but has somehow started using it to manipulate the rates (my opinion). I used to trust it back then but not this year.

I don't know about others but I use abokifx as a guide. For example last week I checked and saw 535, but I finally got a rate closer to aboki (530) as against bank rate of 412.

phineas:
Nothing nice about it,it is rude and insulting to the country,and her people

How information around an economy is managed is very important. Money is a key element in a countrys soverignty.

They (aboki) made themselves the official voice (another way to see it is official representative) of a bussiness unit that had been deemed illegal in the country ,basically they are giving authenticity to an illegal activity against the directives of the country and that's their response," global bodies rely on us", "temporary stop to said activity"...and "hope the Naira appreciates" .I repeat the firm and their spokesperson are irresponsible,and their press release is offensive...

Hope you get now why it's not funny

You people don't think. How about other entities reporting exact same thing? What if AFx decides not to have anything to do with Nigeria and only reports the rates? What accounts will they freez??

At first you most likely be full � if I have the opportunity to shot or kill you I will do it. What did you mean by all these day to days policy. You are the Worst Governor ever did you know how hard it is to open a Dom account in Nigeria. You say make will open Dom account, now to open Dom account na problem if you bring 2 referee they say it not approved. Now the bank will tell you the minimum opening balance of Dom account, if you won buy dollar they say, they no d sale dollar.

And if you buy the dollar for Black market they will told you they don't accept dollar deposit.

Nawa oo abeg no put the blame on just a website.

You are still working under big legend Buhari so before you make any policy is think wise anyway if you like chop the country e no consign me.

Danjikanbauchi:
you deserved to be arrested too. Your type are the reason thieves and Yahoo boys are denting the image of this country.

Pick up a book and read first dunce

Anyone who thinks it's impossible to manipulate exchange rate should think back to 2017 when exchange rate of Naira to dollar fell from about 515 to 360 in one day. Most of the people hoarding lost money.

If the CBN's allegations are true, then it means that the CBN has failed woefully in it's oversight functions.
In fact , if proven to be true it would mean that Abokifx may be partly responsible for the devaluation of the Naira from 360 to 380 and then 410 due to the huge disparity in black market rates and official rates.

On a broader scale, this can be seen as an act of economic terrorism considering the devastating impact on Nigerians and Nigerian businesses who source funds from the black market.

I remember sometime in 2016, I called my aboki contact for fx and I quoted the aboki fx rate, which was lower, he got angry and asked me to go buy from AbokiFx.

Aboki Fx was not as popular at the time and most of the black market traders didn't know about it.

These days , my aboki is only too happy to quote abokifx rates for me. In fact , one boasted a few days back that they are the ones that control abokifx website.

The fact that the owner of Abokifx resides in London, is very unsettling. I say this because I have lots of friends in diaspora and not one has ever complained about the escalating exchange rate despite how patriotic they claim to be. In fact, they are always demanding for the same rates as abokifx or higher.

AbokiFx has no legal authority to publish exchange rates but they are recognized by all mainstream media channels as an exchange rate information provider. This includes print and mass media outlets like magazines and tv stations. Every newspaper in Nigeria quotes abokifx

This alone creates a dangerous monopolistic situation that can easily be used to manipulate the economy.
I have seen a single individual raise exchange rates by more than 3 naira in binance P2P trading for over a 24 hour period.
The owner of Abokifx only needs to wake up and add 5 Naira to the exchange rate and that determines the rate for an entire country for the day. That is how much power this single individual wields.

The big question remains whether this power has been abused in order to manipulate the rates.

Time will tell. The last 3 weeks has seen the Naira move from around 520 to 570. At this rate, we'd be hitting 600+ by next week.
Let's watch and see what happens.

Any way this goes, I don't see this ending well for the owner of AbokiFx. Even if he were to be innocent, the government is desperately looking for a scape goat for their abysmal financial policies and he happens to be an easy target. I hope he has good lawyers.

ivolt:
This is a lie.
Banks will never claim they don't have forex.
If you have genuine business needs your request will be processed
after filling the necessary forms.


Isn't it obvious.

Lol we might as well go back to queuing for milk and sugar

RodgersAkpafu:
No wonder the drunkard CBN governor was asking the guy to come and beat him in Abuja

CBN is clueless & helpless.......... Happy to blame everyone else (but himself).......

lalasticlala:
ABOKIFX MANAGEMENT DECISION

AbokiFX has taken the decision today, the 17th of September 2021, to temporarily suspend rate updates on all our platforms, until we get better clarity of the situation.

Final rates have been posted this evening but the abokiFX news section and the Crypt° rates section will still be active.

WHO WE ARE

abokiFX was established in 2014 as a research and information service company, to conduct market research and gather data on the parallel market rates.

We also wanted to provide some transparency around the parallel market with the availability of information technology.

abokiFX purely provides benchmark parallel rate information which helps guide our users in almost 200 countries across the world.
abokiFX does NOT TRADE FX, which we have always maintained in our emails and social media platforms.

We do not Trade FX neither do we have the power to manipulate the rates as we DO NOT CREATE the rates.

We are the only entity in Nigeria that has a full set of parallel rates, right from our inception in 2014 when the exchange rate was trading at N166 to Sl.

We collated data for years before we started publishing, as we realised the demand increased for our historical data.

To most users of our platforms, we are just a parallel rates board but to many institutions, ranging frorn IVY league universities, to global businesses and research centres, we area keysource of data, especially, historical data (almost a decade's worth of data on parallel rates).

Companies use our data for their internal and external audits as well as planning and budgeting.

We ONLY publish what we source on the streets of Lagos, hence the phrase, Lagos Parallel Rates. The rates sourced are carefully collated, reviewed and a mean rate is published from the data pool. This explains our three daily updates - * Morning, ** Midday, ***Evening.
Sometimes, rates come in late but we have to wait for the full set of rates before they are published, to prevent volatility of rates.

None of our data source providers know who we are or what their rates are being used for. This is to avoid any manipulation of rates.
Our staff have a daily routine of going to the market to gather rates, as all the BDCs in the country have their rates clearly displayed on their rates board and parallel market rate dealers give the information away freely.
All we do is collate all that information and display it on all our platforms daily.

REPLAY OF 2017 vs 2021

In 2017, Nigeria experienced an FX crises and the Naira depreciated to over N500/$1. abokiFX was accused of manipulating the parallel market rates.

Once liquidity was injected, the Naira appreciated and we published the appreciation which is basically what we do.
2021 has seen a similar scenario with the naira depreciating and we have published what we have been given, which has led some to believe we are manipulating the market. Yet no one can complain about our rates deviating +/- 2% from the parallel market rates when they patronise the dealers in the rnarket.
If we do not create the rates, how then can we control the rates. Our only sources of income have been our API and advert sales.

ALLEGATIONS AGAINST OUR DIRECTOR

All allegations against our director are yet to be confirrned but we at abokiFX DO NOT trade FX neither do we manipulate parallel rnarket rates.

Outside the media allegation, we have not received any communication from any government body and our accounts are not closed as stipulated in the media.

WAY FORWARD

abokiFX is fully functional BUT we will not be publishing any form of rates on our platforms for now. We sincerely hope this suspension will lead to the Naira appreciation from next week. With our decision to temporarily suspend online rate publication, we are aware that there will be limited visibility of parallel rates information which will impact decision making for rnany.

They did the right thing oooo.. atleast let see who CBN will blame now

Touch a man's money and see him comply

profmallor:
Sincerely, most Nigerians want the rates to go down, why not, we are all suffering from this spikes. Even the purchasing power of those that remit from diaspora has dropped, is it the cost of building materials or services you want to speak on. All have increased in recent times. ever since this CBN decided to ban crypto trading, which was reducing the pressure on the Naira, they lost the good will of many Nigerians. So unless the cost of a barrel of crude suddenly jumps and output goes back to pre COVID times there is naturally no way the Naira can appreciate. The current CBN leadership is so eager to please their master so they ve thrown all knowledge of running an economy to the winds.

You nailed it.

VitoCorleone:
Anyone who thinks it's impossible to manipulate exchange rate should think back to 2017 when exchange rate of Naira to dollar fell from about 515 to 360 in one day. Most of the people hoarding lost money.

If the CBN's allegations are true, then it means that the CBN has failed woefully in it's oversight functions.
In fact , if proven to be true it would mean that Abokifx may be partly responsible for the devaluation of the Naira from 360 to 380 and then 410 due to the huge disparity in black market rates and official rates.

On a broader scale, this can be seen as an act of economic terrorism considering the devastating impact on Nigerians and Nigerian businesses who source funds from the black market.

I remember sometime in 2016, I called my aboki contact for fx and I quoted the aboki fx rate, which was lower, he got angry and asked me to go buy from AbokiFx.

Aboki Fx was not as popular at the time and most of the black market traders didn't know about it.

These days , my aboki is only too happy to quote abokifx rates for me. In fact , one boasted a few days back that they are the ones that control abokifx website.

The fact that the owner of Abokifx resides in London, is very unsettling. I say this because I have lots of friends in diaspora and not one has ever complained about the escalating exchange rate despite how patriotic they claim to be. In fact, they are always demanding for the same rates as abokifx or higher.

AbokiFx has no legal authority to publish exchange rates but they are recognized by all mainstream media channels as an exchange rate information provider. This includes print and mass media outlets like magazines and tv stations. Every newspaper in Nigeria quotes abokifx

This alone creates a dangerous monopolistic situation that can easily be used to manipulate the economy.
I have seen a single individual raise exchange rates by more than 3 naira in binance P2P trading for over a 24 hour period.
The owner of Abokifx only needs to wake up and add 5 Naira to the exchange rate and that determines the rate for an entire country for the day. That is how much power this single individual wields.

The big question remains whether this power has been abused in order to manipulate the rates.

Time will tell. The last 3 weeks has seen the Naira move from around 520 to 570. At this rate, we'd be hitting 600+ by next week.
Let's watch and see what happens.

Any way this goes, I don't see this ending well for the owner of AbokiFx. Even if he were to be innocent, the government is desperately looking for a scape goat for their abysmal financial policies and he happens to be an easy target. I hope he has good lawyers.

We don't have to be myopic in this situation. First is he manipulating the rates? I can't say for sure but he claimed he gets his rates from the streets.

Why would he need a legal authorisation before they can display parallel or black markets rates. I guess that's why it's called unofficial rates.

Speculation is part of the market. Tackle the problem from the root. AbokiFX is not the main problem of the country and we cannot say they're innocent .

FreeIgboho:
You people don't think. How about other entities reporting exact same thing? What if AFx decides not to have anything to do with Nigeria and only reports the rates? What accounts will they freez??

Lol, most of them don't even know whats at stake.

Kingpele:
Ok shut it down completely abeg ,your speculative projections is creating panic in the business world ,panic buying and keeping dollars is rampant amongst the elites thereby making dollars to be limited and very costly.further killing our naira..if u are not conversant with this thread keep quiet ,so that u don't showcase your flaws here ..there is no way naira will recover the pressure from this firm activities as it relates to our local economy ,some selfish guys might benefits from it and is happy even if we go the way of Zimbabwe. U want government to fix the economy but criticize them whenever they try to do something useful for once.though buhari is still clueless sha

Are you saying the Naira will magically appreciate against the dollar if abokiFX is shutdown?

Sounds fishy abokifx was created in 2014, preelection year. The monsters you made

Raymondfayowole:
We don't have to be myopic in this situation. First is he manipulating the rates? I can't say for sure but he claimed he gets his rates from the streets.

Why would he need a legal authorisation before they can display parallel or black markets rates. I guess that's why it's called unofficial rates.

Speculation is part of the market. Tackle the problem from the root. AbokiFX is not the main problem of the country and we cannot say they're innocent .

The CBN can decide to prosecute Aboki Fx based on the CBN Act section 2 subsection 16.

"16. The exchange rate of the Naira shall be determined, from time to time, by a
suitable mechanism devised by the Bank for that purpose."

Like I earlier mentioned, this is an oversight on CBN's part considering Aboki Fx's level of acceptance by the Nigerian public.

Even the CBN Act is very vague and does not have a section on reportage which is what AbokiFx claims it does.
If there was a clause on reportage, I am sure it would have included a supervisory function to prevent manipulation.

When you also look at currency as a commodity, this can be likened to price-fixing which is illegal in any economy.

A currency's value is based on the perception of its users. And perception is subject to manipulation.


All in All, I blame the CBN for the mess the Naira is in. How many banks have been sanctioned in the last 7 years for malpractices? I really miss the Sanusi days and that's the kind of CBN Governor Nigeria needs at this time.

In fact, I don't think Aboki Fx should be liable. Nigeria's FX industry has too many loopholes

Take, for instance, the connected Nigerian Politician who gets millions of dollars on a regular basis at CBN rates and then sells same at the black market without importing any item thereby depriving legitimate businesses of the much needed Fx

Are you aware that some banks segment their customers for FX purposes? Set A is given a much higher exchange rate while Set B is given something closer to what CBN Expects.

The current black market rate of 570 is unacceptably high and if the CBN makes the right moves, we can see a drop of up to 100 Naira in a space of just a few days

FreeIgboho:
Gbam my ass. So Kingpele tell us why the Naira was stable for much of the 7 years AFx was in existence and why USD, crypto, stocks, bonds, etc, whose market rates are published all over the place are not same way

Your grammar pass my power, over to kingpele

doncheks:
Even the CBN Act is very vague and does not have a section on reportage which is what AbokiFx claims it does.
If there was a clause on reportage, I am sure it would have included a supervisory function to prevent manipulation.

And how would they enforce it on someone who has nothing to do with Nigeria (like TD bank whicj also reports Naija black market rates)?

seborrhic:
If they are found to have been manipulating figures and involved in currency speculation they should be dealth with squarely.
The rates were going ballistic and causing spiralling of inflation.
Be that as it may, emefiele and Buhari should also be arrested and prosecuted if same is to be done to the owner of Abokiforex.It's their archaic,military era monetary policy they both started in 2015 that got us to this deep mess.

It's all about demand and supply. The rates were going ballistic because the availability of the dollar was not commensurate with the demand.

If dollars was everywhere nobody would be panic buying or hoarding and the naira wouldn't be in free fall.

Simple fact is Nigeria is a dollar dependent country and has no way of meeting up its dollar needs hence the weakning of the naira. The oil isn't up to the task anymore.

It's not the abokifx ( na wa oh nairaland change my word to northerners now they would say I'm tribal wtf!!) fault.

If they say dollar is 1500 or 200 e no concern who no need am. Its people who need it that would buy.

Last last transmit the naira cost to the final user.