CBN Trying To Axe AbokiFX For Exposing Naira’s Fall In Recent Weeks

As a result of its insightful expose and publishing of the constant and heavy free fall of the naira in recent weeks, the Central Bank of Nigeria (CBN) has taken steps that is synonymous with taking punitive measures aimed at cracking down on AbokiFX, a popular forex publishing platform.

AbokiFX, which posts daily updates of the exchange rate on its website, was targeted in a letter CBN sent to commercial banks requesting transaction records of the website over an alleged breach of the National Intelligence Committee Act of 2004.

The CBN spokesman that was contacted for clarification about the calculated move against AbokiFX did not respond as at the time of going to Press.

Nigerian media outlets have relied heavily on AbokiFX in recent weeks to publish frequent and steep crashing of the naira against American dollars at the so-called black markets.

CBN Governor Godwin Emefiele has faced heavy criticism as a result of his perceived incompetence that had led to Naira’s depreciation.

The Naira has depreciated considerably against the Dollar over the past two weeks. From N525 per Dollar on September 1, it closed at N570 on Thursday, according to AbokiFX, and it is projected to keep depreciating for many more weeks as a result of unfavourable economic policies.

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