Sunday, October 24, 2021

    CBN investigates exchange rate tracker to trace naira’s street rate after a crash

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    The central bank of Nigeria is chasing exchange rate trackers with the latest moves to control the sluggish naira.

    Governor Godwin Emefiere said Friday that abokiFX, an informal naira exchange rate tracking platform, is manipulating parallel market prices. The company denied the claim.

    After the interest rate was decided, Emefiere received a loan to reporters in the capital Abuja “to buy dollars, take a position, change interest rates over a period of time, and sell the purchased dollars to make a profit.” .. “This is completely illegal and unacceptable, and we pursue them.”

    In response to the allegation, “abokiFX does not trade forex and does not manipulate rates in the favor of anyone. All published rates come from various market locations in Lagos. It is procured randomly every day, “said the statement.

    Africa’s largest oil producer has devalued its currency three times since March last year, after falling oil prices put pressure on dollar reserves.Central Bank distribution Supply of greenback. Individuals and businesses are forced to rely on unauthorized dealers to meet their needs. There is also a need to reduce the number of currency exchange rates.

    According to abokiFX, this measure failed to reverse Naira’s slide, which was a record low of $ 570 on the parallel market at 6:30 pm on Lagos Friday.

    Nigeria investigates platform to track naira’s street rate after a crash

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