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Why CBN Shutsdown AbokiFX

Why CBN Shutsdown AbokiFX

Why CBN Shutsdown AbokiFX, it has been reported that abokiFX shuts down with the reason to see if it’ll help naira rise again.

AbokiFX purely provides benchmark parallel rate information which helps guide our users in almost 200 countries across the world.

ABOKIFX MANAGEMENT DECISION

AbokiFX has taken the decision today, the 17 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.

WHO WE ARE
abokiFX was established in 2014 as a research and information service company, to conduct market research and gather data on the parallel market rates.

CBN Shutsdown AbokiFX

We also wanted to provide some transparency around the parallel market with the availability of information technology.

AbokiFX purely provides benchmark parallel rate information which helps guide our users in almost 200 countries across the world.

Read also: Why Ex-president Goodluck Jonathan Cannot Join APC

AbokiFX does NOT TRADE FX, which we have always maintained in our emails and social media platforms.

CBN Shutsdown AbokiFX

We do not Trade FX neither do we have the power to manipulate the rates as we DO NOT CREATE the rates.

We are the only entity in Nigeria that has a full set of parallel rates, right from our inception in 2014 when the exchange rate was trading at N166 to $1.

We collated data for years before we started publishing, as we realised the demand increased for our historical data.

To most users of our platforms, we are just a parallel rates board but to many institutions, ranging from IVY league universities, to global businesses and research centres, we are a key source of data, especially, historical data (almost a decade’s worth of data on parallel rates).

CBN Shutsdown AbokiFX
CBN Shutsdown AbokiFX

Companies use our data for their internal and external audits as well as planning and budgeting.

We ONLY publish what we source on the streets of Lagos, hence the phrase, Lagos Parallel Rates.

CBN Shutsdown AbokiFX

The rates sourced are carefully collated, reviewed and a mean rate is published from the data pool.

AbokiFX shuts down to see if it’ll help naira rise again.

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