Nigerians Ridicule Central Bank Governor For Threatening AbokiFX Founder

• …the CBN’s move would not solve the forex crisis in the country or reverse the slide of the naira. Nigerians taunts CBN Governor.

Some Nigerians have ridiculed the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, for accusing foreign exchange information platform, AbokiFX of contributing to the slide of naira against dollar at the parallel market.

EkoHotBlog reports that Emefiele accused AbokiFX of carrying out an “illegal activity that undermines the economy,” adding that it was after Oniwinde Adedotun, the founder of the platform.

The CBN governor accused Adedotun of using the platform for “illegal forex trading”.

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Later in the day, AbokiFX distanced itself from the allegations, saying the platform is solely for parallel rate information and not trading.

The parallel market trading segment of the platform was also shut down.

In reaction, some Twitter users said the CBN’s move would not solve the forex crisis in the country or reverse the slide of the naira.

They ridiculed the CBN Governor, Emefiele, adding that they hope the suspension of the platform’s rate updates would push the naira to be equal to the US dollar in value soon.

Here are some reactions:

“I find #CBN Governor Emefiele’s position that the Naira is being destroyed because @AbokiFX website publishes exchange rates the most pathetic excuse for our failing economy. CBN 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 the criminality of those licensed by CBN that the CBN should focus on.

“The rates are from BDCs & Banks ATM Rates.Those are the ones violating FX Policy.

“In a sane society CBN will pay top dollar to acquire ABOKIFX” — Adewale Ajibade (@waleajibade) September 19, 2021

“This lunatic Govt really plans to blame AbokiFX for the crazy fall in naira value._

“Food prices are going up, School fees going up, Rent is going up; Did AbokiFX cause that too?

“How can anyone with a brain blame a website – when you can see for yourself the country is collapsing?” – (@DrOlufunmilayo) September 17, 2021

“The CBN incompetence may have caused it. It’s the Job of CBN to control the in and outflow of the currencies.” — Ugochukwu L. (@UgochukwuAni2) September 17, 2021

“Aside from CBN’s justified proscription of Abokifx, there has to be a long term strategy to support the Naira and prevent further devaluation: e.g. – what are the top 5 items/services that Nigeria spends 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, Prof Pat Utomi, the devaluation of the naira was largely caused by poor policies.

Utomi told PunchNG in an interview that he disagreed with the decision.

He said, “As a general principle, I disagree with that approach. Of course, markets need to be regulated and have boundaries, but I think that it is too easy to blame markets when sometimes the problem might be from within.

“I think there is nobody who is knowledgeable that does not know that for a number of years, policymakers were the biggest problem with the forex market.

“Let us not deceive ourselves, the current order has ruined the forex market, so for those who made such decisions to now complain, I think it is uncharitable. If they continue to clamp down on this and that, then the market would collapse and we will return to where we were in the 1980s.