BREAKING: Dollar Recovers After Free Fall Against Naira At Black Market

Emefiele said the apex bank had been investigating the abokiFX website and its owners in the last two years.

“We have been studying the activities of abokiFX in the last two years,” he added. “There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates.

Reacting to the allegation, AbokiFX temporarily suspended rates on all its platforms, amidst an investigation by the Central Bank of Nigeria (CBN).

“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 crypto rates section will still be active,” they said.

The statement continued: “We sincerely hope this suspension will lead to the Naira appreciation from next week,” they added.

VP Osinbajo’s advice to CBN over dollar to naira exchange rate…

Meanwhile, Newsonline Nigeria reports that the dollar to naira exchange rate today is coming after Nigeria’s Vice President, Prof. Yemi Osinbajo, called on the Central Bank of Nigeria (CBN) led by Godwin Emefiele last month to allow the naira reflect the realities of the market.

The Vice President had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.

“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,” Laolu Akande, spokesperson to Vice-President had explained in a statement.

“For context, the Vice-President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.

“It is stopping this huge arbitrage of over N160 per dollar that the Vice-President was talking about. Such a massive difference discourages doing proper business, when sell ing the dollar can bring in 40% profit!

“This was why the Vice-President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.

“It is a well–known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange.”