Some Nigerians have taunted Central Bank of Nigeria (CBN) Governor Godwin Emefiele for accusing the exchange information platform AbokiFX of contributing to the depreciation of the naira against the dollar in the parallel market .
Emefiele last Friday accused AbokiFX of carrying out “illegal activity that undermines the economy”, adding that it was after Oniwinde Adedotun, the platform’s founder.
The governor of the CBN accused Adedotun of using the platform for “illegal forex trading”.
Later today, AbokiFX distanced itself from the allegations, saying the platform is only for parallel rate information and not for trading.
The platform’s parallel market trading segment has also been closed.
In response, some Twitter users said the CBN’s move would not resolve the country’s forex crisis or reverse the fall of the naira.
They taunted Emefiele, adding that they hoped that the suspension of the platform’s rate updates would push the naira to equal the US dollar soon.
Below are some reactions:
I find #CBN Governor Emefiele’s position that the Naira is destroyed because @AbokiFX website publishes exchange rates the most pathetic excuse for our failing economy. The CBN’s multiple exchange rate policy should be enough to send Emefiele to jail in a sane country.
– Jibrin Ibrahim (@ JibrinIbrahim17) September 19, 2021
The big picture imo is not the parallel rate. It is on the criminality of those authorized by the CBN that the CBN should focus.
The rates are from BDCâ € ™ s & Banks ATM Rates.
They are the ones who violate the exchange rate policy.
In a healthy society, CBN will pay top dollar to acquire ABOKIFX
– Adewale Ajibade (@waleajibade) September 19, 2021
This mad government is really planning to blame AbokiFX for the mad fall in the value of the naira.
Food prices are rising,
Tuition fees are increasing,
The rent goes up;
Did AbokiFX cause this too?
How can someone with a brain blame a website – when you can see for yourself the country is crumbling?
– #OurFavOnlineDoc ð ?? © ºð ???? ³ð ???? ¬ð ???? ¬ð ???? §ð ?????? (@DrOlufunmilayo) September 17, 2021
CBN’s incompetence may have caused it. It is the job of CBN to control the entry and exit of currency.
– Ugochukwu L. (@ UgochukwuAni2) September 17, 2021
Aside from the justified ban of Abokifx by CBN, there must be a long term strategy to support the Naira and prevent further devaluation: for example – what are the top 5 items / services Nigeria is spending Forex on? Can we set up factories and refineries (PMS) for local production?
– MEKKY (@EmiMekks) September 19, 2021
According to a former presidential candidate and political economist, Professor Pat Utomi, the devaluation of the naira was largely caused by bad policies.
Utomi told Punch he disagreed with the decision.
He said, “Generally I don’t agree with this approach. Of course, the markets need to be regulated and have limits, but I think it’s too easy to blame the markets when sometimes the problem can come from within.
“I think there’s no one who knows who doesn’t know that for a number of years policymakers have been the biggest problem with the forex market.
“Let’s face it, the current order has ruined the forex market, so for those who have made such decisions to complain now, I think it’s not charitable. If they keep cracking down on this and that, then the market would collapse and we’ll be back to where we were in the 1980s. ”