Online exchange rate service provider, AbokiFX has taken a decision to temporarily suspend rate updates on all our platforms.
It took the decision on Friday, stating that the situation will remain so until it gets a better clarity of the situation.
“Final rates have been posted this evening but the abokiFX news section and the Crypto rates section will still be active,” it said.
AbokiFX was established in 2014 as a research and information service company, to conduct market research and gather data on the parallel market rates.
It also provides some transparency around the parallel market with the availability of information technology.
It explained on Friday that “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.
“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 have 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.”
It further noted that “In 2017, Nigeria experienced an FX crises and the Naira depreciated to over N500/$1. abokiFX was accused of manipulating the parallel market rates.
“Once liquidity was injected, the Naira appreciated and we published the appreciation which is basically what we do.
“2021 has seen a similar scenario with the naira depreciating and we have published what we have been given, which has led some to believe we are manipulating the market. Yet no one can complain about our rates deviating +/- 2% from the parallel market rates when they patronise the dealers in the market.
“If we do not create the rates, how then can we control the rates. Our only sources of income have been our API and advert sales.”
It said all allegations against its director are yet to be confirmed but “we at abokIFX DO NOT trade FX neither do we manipulate parallel market rates.”
It added that “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 man>”
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