AbokiFX suspends publishing of daily foreign exchange rates

In the late hours of September 17, 2021, foreign exchange rate publishing platform, AbokiFX published a statement on Twitter, saying it will suspend publishing of daily foreign exchange rates, following allegations of “Economic Sabotage” from the Central Bank of Nigeria. This development comes after a series of images circulated on social media on September 16, which pictured the CBN requesting the account statements of AbokiFX and its owner, Oniwinde Adedotun, as well as a number of high profile secondary schools in Nigeria.

Shit about to get real. They’ve come for abokifx pic.twitter.com/LQwBzs3hsU
— 0xManasseh (@knightofdelta) September 16, 2021

There are speculations that the central bank of Nigeria intends to redeploy a similar tactic to 2016 when it unified the Dollar/Naira rates to $366/N1 from $500/N1. Some see this development as an attack on freedom of the press, while others see this as a move that will heal Nigeria’s steadily depreciating economy.

If CBN simply keeps silent, funds the market at a predetermined, predictable basis, it helps the Naira.

If I wake up and read CBN is allegedly asking for Domm account details of my kids school, I will go withdraw my $ in Domm ac & wait.

Preception is everything pic.twitter.com/llxUXsIqHT
— Kalu Aja (@FinPlanKaluAja1) September 16, 2021