AbokiFX Shuts Down Rates Update to See if Naira Will Rise Again

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Naira has been fallen vulnerably like a failed to remember sheep without a shepherd and abokiFx has taken the choice to briefly suspend rate reports on the entirety of their foundation, until additional notification.

In 2017, Nigeria experienced FX emergencies and the Naira devalued to more than N500/$1. abokiFX was blamed for controlling the equal market rates. Presently, it has been blamed for controlling the market in 2021 which is making the naira plunge an obscure way.

Be that as it may, Aboki took to web-based media to report a transitory closure to check whether naira will rise once more.

abokiFX has taken the choice today, the 17 of September 2021, to briefly suspend rate reports on the entirety of our foundation until we improve the clearness of the circumstance.

Last rates have been posted this evening yet the abokiFX news segment and the Crypto rates segment will in any case be dynamic.

WHO WE ARE

abokiFX was established in 2014 as a research and information service company, to conduct market research and gather data on the parallel market rates.

We also wanted to provide some transparency around the parallel market with the availability of information technology.

abokiFX purely provides benchmark parallel rate information which helps guide our users in almost 200 countries across the world.

abokiFX does NOT TRADE FX, which we have always maintained in our emails and social media platforms.

We do not Trade FX neither do we have the power to manipulate the rates as we DO NOT CREATE the rates.

We are the only entity in Nigeria that has a full set of parallel rates, right from our inception in 2014 when the exchange rate was trading at N166 to $1.

We collated data for years before we started publishing, as we realized the demand increased for our historical data.

To most users of our platforms, we are just a parallel rates board but to many institutions, ranging from IVY league universities to global businesses and research centers, we are a key source of data, especially, historical data (almost a decade’s worth of data on parallel rates).

Companies use our data for their internal and external audits as well as planning and budgeting.

We ONLY publish what we source on the streets of Lagos, hence the phrase, Lagos Parallel Rates.

The rates sourced are carefully collated, reviewed and a mean rate is published from the data pool.

This explains our three daily updates – Morning Midday. ***Evening

Sometimes, rates come in late but we have to wait for the full set of rates before they are published, to prevent volatility of rates. None of our data source providers know who we are or what their rates are being used for. This is to avoid any manipulation of rates.

Our staff has a daily routine of going to the market to gather rates, as all the BDCs in the country have their rates clearly displayed on their rates board and parallel market rate dealers give the information away freely.

All we do is collate all that information and display it on all our platforms daily.

ALLEGATIONS AGAINST OUR DIRECTOR

All allegations against our director are yet to be confirmed but we at abokIFX DO NOT trade FX neither do we manipulate parallel market rates.

Outside the media allegation, we have not received any communication from any government body, and our accounts are not closed as stipulated in the media.

WAY FORWARD

abokiFX is fully functional BUT we will not be publishing any form of rates on our platforms for now.

We sincerely hope this suspension will lead to the Naira appreciation from next week.

With our decision to temporarily suspend online rate publication, we are aware that there will be limited visibility of parallel rates information which will impact decision-making for many.

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