*Says ‘We Can’t Allow You To Kill Our Economy’

The Central Bank of Nigeria has said that it will shut down the operations of Aboki FX, a provider of currency exchange information, which the bank described as an illegal and criminal platform.

Emefiele said, according to the CBN Act, section 2, only the apex bank can determine the value of the naira.

Addressing journalists on Friday after the Monetary Policy Committee meeting that began Thursday, Mr Emefiele said the apex bank had been studying the activities of abokiFX in the last two years.

“There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates,” he said.

He alleged that Mr Adedotun lives in the UK and publishes arbitrary rates without contacting BDCs.

“He is a Nigerian, living in England, we will track him, Mr. Oniwinde, we will track you.

“We cannot allow you to continue to kill our economy.”

Mr Emefiele alleged that Mr Adedotun uses his website for forex manipulations and speculations by purchasing forex to make a profit.

“It is completely illegal and unacceptable,” he said.

“Mr Oniwinde is an illegal fx dealer that has inflow and sold tens of millions of fx to several Nigerian companies in contravention of the fx law, he directly benefits from the rates he quotes daily on his website.”

Mr Adedotun could not be immediately reached Friday.

Mr. Emefiele said the only exchange rate market remains the I&E window.

“I am sorry to say that I do not, and I do not intend to recognise any fx in the market,” he said.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it.”

He accused Oniwinde of deliberately attacking naira for his own personal benefits.

The CBN Governor promised to take the fight with Oniwinde to the security and banking authorities in the UK.

To safeguard the value of the naira, however, Emefiele said customers with genuine foreign exchange requirements beyond established limits would be given their requirements.

Checks by our correspondent showed that the website, Aboki FX, is still up as of the time of filing this report.

The Naira-dollar exchange rate has soared on the platform in the last couple of days. The platform currently recommends that Bureau de Change Operators buy dollars at N560 and sell at N570.

On ban of forex sales to Bureau de Change operators, Emefiele said that the bank will not go back on its previous stance.

According to him, these BDC operators sell foreign exchange to criminals who import weapons to harm Nigerians and promote different forms of terrorism.

The CBN Governor said, “It truly beats my imagination that Nigerians continued with this type of practice (selling dollars to BDC) that tended to promote illegal activities who are involved in graft and corrupt practices.

“We won’t support the corrupt tendencies of those who illegally buy dollars from our forex market, carry them in aircraft, buy arms and ammunition and bring them back into the country and conduct crimes. Whether it is Boko Haram, banditry and other nefarious activities.”

“Why will CBN give people our forex to go and buy arms? And that is what people want us to continue to do. We cannot do that. What we are saying is that if you have any legitimate need for forex, take it to the bank and they will sell you FOREX.”

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