Naira crashed by 25% one year after CBN’s clampdown on Abokifx.
Newsonline reports that one year after the Central Bank of Nigeria (CBN) effectively criminalized Aboki FX’s actions and accused it of “economic sabotage,” Nigeria’s legal tender, the naira lost 25% of its value to the US dollar.
This online newspaper understands that ridiculed AbokiFX functioned as a benchmark by which everyone in Nigeria could calculate the price of the naira in the black market. The CBN frowned at the actions and accused the firm of currency manipulation at a time of rapid naira depreciation.
When Aboki FX stopped reporting forex rates on September 17, 2021, the Naira was trading around N570/$; one year later, the Naira had plummeted to around N710/$. This represents a 25% drop in one year.
In a recent tweet, AbokiFX sent a friendly reminder to the public suggesting they had no role in the free fall of the Naira despite the many accusations.
Aboki FX tweeted, “September 17, 2021. N570, September 17, 2022. N710. It’s been 366 days. -25%.”
“This time last year, we suspended rate publication to test the impact on the parallel market exchange rate. A further 25% decline has been recorded,” it added.
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