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:

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. ”



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