The Federal Government has said that it will shut down the operations of “Aboki FX”, a website providing currency exchange information, which the bank described as an illegal and criminal platform.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, who disclosed this while fielding questions after the Monetary policy committee’s two-day meeting in Abuja on Friday, noted that the bank also plans to prosecute the owner of the platform, Olusegun Oniwinde.
According to Emefiele, the CBN did their preliminary findings which suggested that the website was built and is being used for the purpose of foreign exchange manipulation and speculations. He also noted that the CBN does not recognize any forex market window besides the Investors and Exporters window.
This clamp down comes as the naira continues to rise sharply against the dollar.
Nigeria’s central bank has deployed several measures aimed at maintaining a stable exchange rate such as allowing foreign remittances to be paid in dollars, limiting forex deposits and withdrawals over the counter, introducing stringent documentation for forex utilization and most recently banning the sale of forex to BDC, none of which seems to have yielded immediate results.
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