Alternative to BANNED AbokiFX emerged
abokifx is an online portal that tracks foreign exchange movements. The Central Bank of Nigeria's Governor, Godwin Emefiele, has accused AbokiFX of participating in "illegal conduct that damages the economy," adding that the CBN was investigating Oniwinde Adedotun, the company's founder, for suspected forex data manipulations.
The naira has reached its lowest values in over 40 years since the central bank imposed a currency sales restriction on Bureaux De Change (BDC) operators, and is now trading over 570/$1.
Adedotun and abokiFX Limited had previously been reported to be on the CBN's radar for "illegal foreign exchange operations."
Later that day, abokiFX distanced itself from the accusations, claiming that the site is just for parallel rate information, not trading.
The CBN's action, according to Twitter users, would not address the country's currency problem or stop the naira's fall.
To mock the CBN governor, some Nigerians have established Alternative to BANNED AbokiFX called MeffyFX, a secondary market information website.
The platform's administration also turned off the parallel market trading section.