Economy
AbokiFX Suspends Parallel Market Exchange Rate Updates
By Dipo Olowookere
The popular website that tracks the exchange rate of the Naira to the major foreign currencies, AbokiFX, has announced the suspension of its updates pending when it gets a “better clarity” of the allegation of FX manipulations levelled against it by the Central Bank of Nigeria (CBN).
Governor of the CBN, Mr Godwin Emefiele, had insinuated on Friday that the platform was responsible for the recent fall of the local currency at the parallel market.
Mr Emefiele said it had been monitoring activities of the website for the past two years, alleging that its owner, Mr Oniwinde Olusegun Adedotun, was trading forex and manipulating figures to cause panic in the financial system, vowing to ensure he is prosecuted.
But in a statement issued on Friday, the platform said, “We do not trade FX neither (sic) do we have the power to manipulate the rates as we DO NOT CREATE the rates.”
It stressed that, “We ONLY publish what we source on the streets of Lagos, hence the phrase, Lagos Parallel Rates.”
AbokiFX explained that, “The rates sourced are carefully collated, reviewed and a mean rate is published from the data pool. This explains our three daily updates – * Morning, ** Midday, ***Evening.”
“Sometimes, rates come in late but we have to wait for the full set of rates before they are published, to prevent volatility of rates,” it further noted in the statement.
The website said, for now, it will not publish the parallel market rates but will keep updating its news and crypto rates sections until further notice.
“We sincerely hope this suspension will lead to the Naira appreciation from next week,” it stated, adding that, “With our decision to temporarily suspend online rate publication, we are aware that there will be limited visibility of parallel rates information, which will impact decision making for many.”
Below is the unedited statement from the firm;
AbokiFX has taken the decision today, the 17th of September 2021, to temporarily suspend rate updates on all our platforms, until we get better clarity of the situation.
Final rates have been posted this evening but the abokiFX news section and the Crypt° rates section will still be active.
WHO WE ARE
abokiFX was established in 2014 as a research and information service company, to conduct market research and gather data on the parallel market rates.
We also wanted to provide some transparency around the parallel market with the availability of information technology.
abokiFX purely provides benchmark parallel rate information which helps guide our users in almost 200 countries across the world.
abokiFX does NOT TRADE FX, which we have always maintained in our emails and social media platforms.
We do not Trade FX neither do we have the power to manipulate the rates as we DO NOT CREATE the rates.
We are the only entity in Nigeria that has a full set of parallel rates, right from our inception in 2014 when the exchange rate was trading at N166 to Sl.
We collated data for years before we started publishing, as we realised the demand increased for our historical data.
To most users of our platforms, we are just a parallel rates board but to many institutions, ranging frorn IVY league universities, to global businesses and research centres, we area keysource of data, especially, historical data (almost a decade’s worth of data on parallel rates).
Companies use our data for their internal and external audits as well as planning and budgeting.
We ONLY publish what we source on the streets of Lagos, hence the phrase, Lagos Parallel Rates. The rates sourced are carefully collated, reviewed and a mean rate is published from the data pool. This explains our three daily updates – * Morning, ** Midday, ***Evening.
Sometimes, rates come in late but we have to wait for the full set of rates before they are published, to prevent volatility of rates.
None of our data source providers know who we are or what their rates are being used for. This is to avoid any manipulation of rates.
Our staff have a daily routine of going to the market to gather rates, as all the BDCs in the country have their rates clearly displayed on their rates board and parallel market rate dealers give the information away freely.
All we do is collate all that information and display it on all our platforms daily.
REPLAY OF 2017 vs 2021
In 2017, Nigeria experienced an FX crises and the Naira depreciated to over N500/$1. abokiFX was accused of manipulating the parallel market rates.
Once liquidity was injected, the Naira appreciated and we published the appreciation which is basically what we do.
2021 has seen a similar scenario with the naira depreciating and we have published what we have been given, which has led some to believe we are manipulating the market. Yet no one can complain about our rates deviating +/- 2% from the parallel market rates when they patronise the dealers in the rnarket.
If we do not create the rates, how then can we control the rates. Our only sources of income have been our API and advert sales.
ALLEGATIONS AGAINST OUR DIRECTOR
All allegations against our director are yet to be confirrned but we at abokiFX DO NOT trade FX neither do we manipulate parallel rnarket rates.
Outside the media allegation, we have not received any communication from any government body and our accounts are not closed as stipulated in the media.
WAY FORWARD
abokiFX is fully functional BUT we will not be publishing any form of rates on our platforms for now. We sincerely hope this suspension will lead to the Naira appreciation from next week. With our decision to temporarily suspend online rate publication, we are aware that there will be limited visibility of parallel rates information which will impact decision making for rnany.
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) has warned that Nigeria’s economic recovery could come under renewed pressure from persistently high borrowing costs and inflation despite stronger crude oil production and ongoing economic reforms.
In its July Monthly Oil Market Report, OPEC said Nigeria’s near-term economic outlook remains positive, supported by higher oil production, improving macroeconomic stability, stronger business activity and continued reform efforts, but cautioned that inflationary pressures and expensive credit continue to pose significant risks to sustained growth.
According to the report, Nigeria’s economy expanded by 3.9 per cent year-on-year in the first quarter of 2026, marginally below the 4.0 per cent recorded in the final quarter of 2025, indicating that growth has remained close to recent highs.
“Overall, Nigeria’s near-term outlook remains positive, supported by oil production, reform progress, infrastructure investment and stronger business activity, but high inflation, elevated borrowing costs and the need to preserve exchange-rate stability remain important challenges,” OPEC stated.
The organisation noted that the non-oil sector remained the principal driver of economic expansion, with agriculture, manufacturing, construction, trade, finance and insurance contributing significantly to growth.
It added that improved crude oil production had strengthened government revenues, boosted foreign exchange inflows and reinforced the country’s external reserves.
“The non-oil economy continues to provide the main support, with activity driven by agriculture, manufacturing, construction, trade, and finance and insurance, while higher oil output has improved fiscal revenues, foreign-exchange inflows and external buffers. Survey indicators also point to continued near-term momentum,” the report added.
OPEC also pointed to private sector data showing continued expansion in business activity. It said the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) moderated slightly to 53.4 in June from 54.1 in May but remained above the 50-point threshold, indicating sustained growth in economic activity.
According to the report, stronger output, increased new orders and resilient consumer demand continued to support business expansion, although manufacturing activity softened slightly during the review period.
The oil producers’ group further noted that increased domestic refining capacity, particularly the improved fuel supply from the Dangote Refinery, is expected to strengthen energy availability and ease pressure on imports.
“Higher domestic refining capacity, including improved fuel supply from the Dangote refinery, should continue to support energy availability and reduce some import-related pressures,” OPEC said.
Despite the positive outlook, the organisation expressed concern over rising consumer prices, noting that Nigeria’s inflation rate increased to 15.9 per cent in May from 15.7 per cent in April as food prices continued to weaken household purchasing power.
“Inflation rose further to 15.9 per cent year-on-year in May, up from 15.7 per cent in April, with food prices still putting pressure on household purchasing power. This means that monetary policy is likely to remain cautious, despite improved exchange-rate stability and stronger oil-related inflows,” the report stated.
OPEC said the persistence of inflation is likely to keep monetary policy tight, meaning borrowing costs may remain elevated even as improved oil earnings continue to strengthen Nigeria’s fiscal position and external reserves, adding that balancing price stability with economic growth will remain a key challenge for policymakers in the months ahead.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc bested three price decliners to lift the NASD Over-the-Counter (OTC) Securities Exchange by 0.05 per cent on Thursday, July 16.
The securities depository company gained N2.29 during the trading day to close at N92.64 per share compared with the previous day’s price of N90.35 per share.
As a result, the market capitalisation of the bourse grew by N1.42 billion to N2.592 trillion from N2.590 trillion, while the NASD Security Index (NSI) improved by 2.36 points to 4,318.87 points from 4,316.51 points.
The three price losers yesterday were led by 11 Plc, which shed N10.00 to end at N240.00 per unit versus Wednesday’s closing value of N250.00 per unit, FrieslandCampina Wamco Nigeria Plc lost N2.34 to finish at N147.66 per share compared with the N150.00 per share it closed at midweek, and Food Concepts Plc depleted by 7 Kobo to settle at N2.42 per unit, in contrast to the preceding day’s N2.49 per unit.
A look at the activity chart showed that during the session, the value of transactions soared by 43.3 per cent to N104.1 million from the preceding session’s N65.2 million, and the number of deals jumped by 39.3 per cent to 39 deals from the 28 deals completed a day earlier, while the volume of trades contracted by 75.7 per cent to 1.2 million units from 4.8 million units.
When trading activities ended for the day, Great Nigeria Insurance (GNI) Plc led the activity chart as the most active stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 74.9 million units exchanged for N5.3 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Naira further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, July 16, by 65 Kobo or 0.04 per cent to sell for N1,381.53/$1, in contrast to Wednesday’s closing value of N1,382.18/$1.
This was buoyed by improved FX liquidity to absorb the high demand for Dollars during the trading session.
However, the local currency depreciated against the Pound Sterling in the official market yesterday by N9.48 to close at N1,866.17/£1 versus the preceding day’s N1,856.69/£1, and lost N2.99 against the Euro to quote at N1,582.68/€1 compared with the midweek rate of N1,576.69/€1.
At the parallel market, the Nigerian currency maintained stability against its United States counterpart at N1,405/$1, and at the GTBank FX desk, it remained unchanged at N1,389/$1.
On Thursday, data from the Central Bank of Nigeria (CBN) showed a surge in interbank FX turnover and deal count. Interbank FX activities at the NFEM window increased sharply by 69 per cent to $205.366 million from $121.727 million reported the previous day.
Nigeria’s gross external reserves continue to rise, supported by steady foreign exchange inflows from hydrocarbon receipts, remittances and foreign portfolio investments, boosting market confidence. It settled at $51.893 billion from $51.867 billion the previous day.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
In an operational guidance issued on July 15 to authorised dealer banks and licensed BDCs, the CBN introduced the FX BDC Purchase Tracker (FXBT), a centralised electronic portal that will monitor foreign exchange purchases by BDCs from the point of request through approval, settlement and eventual sale.
As for the crypto market, prices were down as the markets weighed fresh US airstrikes on Iran that boosted risk sentiment, with Ethereum (ETH) down by 4.7 per cent to $1,829.37.
Solana (SOL) decreased by 3.6 per cent to $77.49, Dogecoin (DOGE) depreciated by 3.1 per cent to $0.0718, Cardano (ADA) also crashed by 3.1 per cent to $0.1588, Bitcoin (BTC) slumped by 2.9 per cent to $62,820.21, Ripple (XRP) dipped by 2.6 per cent to $1.08, Binance Coin (BNB) fell by 2.3 per cent to $569.02, and TRON (TRX) shrank by 0.8 per cent to $0.3219, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
