CBN Goes After AbokiFX CEO Olusegun Oniwinde

Central Bank of Nigeria (CBN) has vowed to go after the Founder of abokiFX, Olusegun Oniwinde, accusing him of trying to kill the Nigerian economy. CBN was investigating the activities of the web platform, which is known for publishing foreign exchange rates. The report also detailed the irregularities associated with the operations of abokiFX. In an interview with journalists after the Monetary Policy Committee (MPC) two-day meeting in Abuja, Nigeria’s capital, on Friday, the CBN governor, Godwin Emefiele, confirmed that the abokiFX director is on the radar of the country’s apex bank. Describing the web platform as illegal and criminal, Emefiele disclosed the CBN’s plan to arrest and prosecute Oniwinde. He also disclosed that he had directed the apex bank’s experts to go after abokiFX’s website. “I have given instructions to our experts to go after his website and let it be clear that we will go after him because we can’t allow this to continue,” the CBN boss said. Emefiele noted that the CBN doesn’t recognise any forex market window beside the Investors and Exporters (I&E) window. “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,” he said. “I am sorry to say that I do not, and I do not intend to recognise any FX in the market. “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.” The CBN governor further said that the apex bank had been investigating the abokiFX website in the last two years while vowing to track the platform’s director. “We have been studying the activities of abokiFX in the last two years. There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates,” he said. “He is a Nigerian, living in England, we will track him, Mr Oniwinde, we will track you. “We cannot allow you to continue to kill our economy.” Emefiele also accused Oniwinde of using his website for forex manipulations and speculations by purchasing forex to make a profit. “It is completely illegal and unacceptable,” he added. On Friday, the abokiFX website reported that the naira was trading at 570 to the United States (US) dollar at the parallel market. This is contrary to the I&E rate on the CBN website, which stood at N410.57 as of Thursday, September 16, 2021.