Naira Dips To 575/$ two Days After Aboki FX Update Suspension

170 Viewed Obiajulu Joel Nwolu 0 respond
Naira Dips To 575/$ two days after Aboki FX update suspension
Obiajulu Joel Nwolu

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

A visit by Punch to 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

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 stabilise.

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

Source: Punch 

This post was written by Obiajulu Joel Nwolu.

The views expressed here belong to the author and do not necessarily reflect our views and opinions.

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