Dollar hits N575 two days after Aboki FX update suspension

The dollar rose to between N572 and N575 in different parts of the country on Monday barely two days after online platform, Aboki FX, stopped providing updates on the exchange rate.

Our correspondent, who visited the ever-busy Wuse Zone 4 which is the hub of bureau de change operators in Abuja, observed that the dollar was sold for N574 as opposed to the N570 it was sold for on Friday.

In Lagos, the dollar was sold at N572 while in Kano it was N575 as of 3pm on Monday.
The pound was sold for N780 as opposed to N770 last Friday.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, had accused the online foreign exchange update platform, Aboxi FX, of manipulating the forex market.

Emefiele, had said the bank would shut down the operations of Aboki FX which it described as illegal.

Subsequently, Aboki FX said in a statement on Friday that it would no longer publish exchange rates for now and hoped that the naira would stabilise.

It further stated that it usually gets its information from bureau de change operators in Lagos.

See also  FG Sets 18% Tax-to-GDP Target with New Reforms

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Tinubu Mourns Olubadan of Ibadanland, Oba Olakulehin

Aiyedatiwa Appoints Ategbole as Chairman, Ondo HMB

Olubadan Succession: Royal Drummers Relocate to Ladoja’s Residence, Signaling Transition

2027: Timi Frank Warns Coalition Against Agitating For Southern, Northern Presidency

JUST IN: JAMB Clears FUTA Graduate in Admission Dispute

CBN Explains BVN Charges for Nigerians Abroad

Tinubu Mourns Olubadan of Ibadanland, Oba Olakulehin

Aiyedatiwa Appoints Ategbole as Chairman, Ondo HMB

Olubadan Succession: Royal Drummers Relocate to Ladoja’s Residence, Signaling Transition

2027: Timi Frank Warns Coalition Against Agitating For Southern, Northern Presidency