Dollar Hits N575 Two Days After AbokiFX Update Suspension


The dollar rose to between N572 and N575 in different parts of the country on Monday barely two days after the online platform, Aboki FX, stopped providing updates on the exchange rate.

Punch correspondent, who visited the ever-busy Wuse Zone 4 which is the hub of bureau de change operators in Abuja, observed that the dollar was sold for N574 as opposed to the N570 it was sold for on Friday.

In Lagos, the dollar was sold at N572 while in Kano it was N575 as of 3pm on Monday.

The pound was sold for N780 as opposed to N770 last Friday.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, had accused the online foreign exchange update platform, Aboxi FX, of manipulating the forex market.

Emefiele had said the bank would shut down the operations of Aboki FX which it described as illegal.

Subsequently, Aboki FX said in a statement on Friday that it would no longer publish exchange rates for now and hoped that the naira would stabilize.

It further stated that it usually gets its information from bureau de change operators in Lagos.

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