Mi 2 short aboki forex

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The exchange rates are so high for a number of social and political reasons. Remember that the prices at which your currency exchanges is a reflection of the state of your economy. Therefore, these are some of the issues impacting the economy, and reflecting on the exchange rates in Nigeria. Looting Public Funds Looting of Public Funds is one of the oldest and far reaching ills that have affected Nigeria over the years. Not just does this cripple the nation in terms of growth and development in terms of infrastructure, but it also results in an oversupply of the naira both in Nigeria and overseas.

Sometimes, looters agree to exchange naira to dollars at outrageous prices so that they can stash the stolen money in foreign bank accounts. This results in an artificial scarcity of foreign currencies; making them rise in value as against the naira.

Insecurity Insecurity has crippled several key sectors of the economy; for example, the agricultural sector has suffered because many farmers have had to abandon their farms for fear of being killed by insurgents. That has led to scarcity of food items, as well as a rise in the prices where they are available. With inflation so high, the result is that the Nigerian naira is under immense selling pressure, not just on the black market, but also on the official exchange as well.

Trade and industry have also suffered from this scourge of insecurity because goods and services cannot be freely transported from one location to another. Lack Of Demand For The Naira Lack of demand for the Naira has meant that the currency has dropped dramatically because without demand, price will naturally go down.

Due to some of the aforementioned reasons, the Naira has not been in high demand. Furthermore, the oil industry has also suffered because of oil theft, and also because of the declining demand for oil as a result of the rise of other sources of energy. The country has also not done enough to establish other sectors of the economy so that they too can generate revenue; bringing more demand for the naira, and creating jobs in the process.

The Existence Of A Black Market The existence of a black market has impacted the economy negatively; people will naturally go to the black market when they believe they will get a higher value for their foreign currency. Therefore, with the presence of the black market, the exchange rate of the naira cannot be controlled. So what changed? It is not impossible that speculation and manipulation can be artificially induced. The CBN should adopt fiscal and monetary policies to foster a productive and globally competitive economy.

In addition, the CBN needs to adopt a creative approach to relegate speculators without genuine dollar demands — who often create artificial pressure. Embracing exchange rate unification is crucial for reviving the Naira by preventing illicit arbitrage and round-tripping.

Parallel markets become non-profitable as a result. The central bank of Nigeria CBN had just recently asked the banks to source foreign currencies by themselves to complement all the meager amounts donated by the bank. This has caused a spike in the amount Nigerians spend abroad when buying goods or services. In light of the recent developments, it is important to check the FX rates for major world currencies before performing online foreign exchange transactions. This can also take place when you are withdrawing with your Nigerian ATM card abroad.

In this way, you can be certain that there will be no mistakes if you decide to transact in foreign currencies. For the large transactions, the platform even considers displaying the rates for the earlier days of the week. This will also help you choose the concept to monitor the market trend and make an informed decision.

There are many daily black market rates for the FX tab when there is a significant difference between Lagos and Abuja exchange rates. Aboki also provides valuable information regarding which markets are most stable and which ones should be focused on. You can use this information to decide what currency pairs to monitor depending on the changing economic situation in several countries.

FX rate for automated teller machines ATMs When using the naira-denominated debit card, it is now very much normal to get a different set of naira-to-dollar exchange rates for the sake of international transactions. Using a series of near-perfect metrics, the AbokiFX app tries to improve this by showing daily rates for the big banks in Nigeria by separating the highest from the lowest. Keeping a closer eye on these major factors can also keep you updated on what is going on with your portfolio.

Rates for western union transactions Apps like this are also crucial for the people who want to send or even receive money via the platform of Western Union. There is also a tab to stay on top of the latest trading news on the FOREX, details about the oil, market trends, and the economy as a whole. Additionally, you can even choose to access market analysis tools, as well as currency exchange rates tips, and other features. Why is the federal government planning to close the AbokiFX website? Federal officials have announced that they will shut down Aboki FX, a website offering currency exchange information that the bank called a criminal platform.

Our experts have been fully instructed to look into his website, and I have let it be clear that we will eventually go after him because this cannot any longer continue. As far as forex is concerned, we are saying that if you have a legitimate requirement for it, take it to the bank, and they will hence sell it to you.

Information reaching Nairametrics confirms that the Nigerian government is investigating AbokiFX, an online foreign exchange rate website owner. AbokiFX was first reported as being investigated by TheCable, a popular online news website. The investigation is ongoing, according to Nairametrics. By using his website to set the exchange rates, Mr. Oniwinde might be profiting from speculative activities while living abroad.

Does it make sense that one unlicensed man in England sets exchange rates in Nigeria while he lives in faraway Nigeria? The source asked. Other than cash, the company does not have any fixed assets. Our investigation thus indicates that AbokiFX is hence even registered in Nigeria. After AbokiFX, how are black market rates obtained?

A simple phone call to the black market operators obtained the black market rates before the AbokiFX. There can be differences in rates, but they are generally insignificant. States can also have different rates. For most unofficial forex buyers or sellers, Aboki FX provides a complete guide of the rates using its official website.

Nairametrics informs us that most operators get their rates from the forces of supply and demand and not from our website. Foreign exchange sellers also negotiate the final exchange rate with their counterparties. As the dollar liquidity hit the market with the accurate emergence of the Investor as well as Exporter window, the CBN Governor claimed victory when the rates unified with the official rates.

However, the black market exchange rate platform has depreciated unprecedentedly in the last few weeks, especially after the absolute ban on selling forex to BDC operators. What does AbokiFX mean when it taunts Emefiele? According to AbokiFX, the platform is to provide parallel rates information and not for trading.

However, the accusations against the director are yet to be all confirmed. In addition to the utmost media allegations, we have not yet received any communication from government offices, nor have our accounts been closed as reported in the media. Our platforms are fully functional at the moment, but we are not publishing any rate information. Our sincere hope is that this suspension will lead to an appreciation of Naria, which is starting next week. Go to your official bank. Even if your limit is above what the actual bank is selling, but it all forward, and we will look into it.

If you want to sell the whole dollar, go to your bank and sell it. We once asked a colleague to call the AbokiFX and ask how he conducts the rate collection. We hence plan to track him down because he was born in Nigeria and lives in England. We will track you down, Mr. Oniwinde is accused of using his website for forex manipulation and speculation by purchasing currency to make a profit, according to Emefiele.

AbokiFX founder Oniwinde Adedotun faces two years in prison and a fine for allegedly violating the National Intelligence Committee Act of through his digital media. Adedotun and his AbokiFX track foreign exchange rates on the parallel market in Nigeria, informing Nigerians and foreigners interested in these rates. However, this is all against the law, which covers foreign exchange reports.

This report states that any person or organisation that reports rates other than the bank have fully committed an offence. It was collected from section 11 of the National Intelligence Committee Act of that any person or the association of individuals or public and private corporate body publishing or published exchange and interest rates other than that of banks will pay our the following: An individual will receive the fine of N,, as well as two years in prison, separately, or both punishments at the same time.

In addition to the fine, a company would lose both its registration certificate and its certificate of incorporation. At the time of writing, AbokiFX reports that 1 dollar is worth nairas, one Pound is worth nairas, and one Euro is worth 65 nairas.

ObokifX founder accused of destroying the value of the Naira? Online foreign exchange rates are published daily on the platform and are a popular reference for traders. Emefiele accused AbokiFX of sabotaging the Nigerian economy on Friday, September 17, , at a media briefing by announcing the advertised rates showed an alarming decline of the Naira against foreign currencies. Despite the previous attempts by the year-old to engage Adedotun to understand his model and how he fully arrives at advertising rates, he has not been able to do so.

Emefiele told the newspaper that a Nigerian living in England conducted this nefarious and criminal activity on our economy. I will even report the perpetrator to international security agencies as it is fully economic sabotage. We will often pursue him wherever he may be. But only file one account with the UK government, which is based on 1, pounds sterling over the past four years. A person gets a naira loan, uses it to purchase dollars, takes a position, changes the rate over time, sells the dollars and profits.

It traded for less than a dollar on Friday before the ban, and on Friday, it fell to AbokiFX provides the parallel market rates for most local newspapers. The alleged act of manipulating the forex market and speculating on forex by buying forex to make a profit is alleged to be Mr. Oniwinde, because he lives in England. According to his website, Mr.

Oniwinde is an illegal forex dealer who has sold tens of millions of dollars worth of foreign exchange to several Nigerian companies in violation of foreign exchange laws, and he directly benefits from the rates he quotes on; a daily basis. The promoters of AbokiFX have announced that they are temporarily suspending rate updates on their online platform after the Central Bank of Nigeria CBN declared war on it over alleged unwholesome practices in the foreign exchange market.

In almost countries, the company merely provides benchmark parallel rate information that helps its users make informed decisions. In , AbokiFX was founded as a research and information company, which gathers data on parallel market rates and conducts market research. The availability of information technology also allowed us to provide some transparency about the parallel market. In almost countries worldwide, AbokiFX provides purely benchmark parallel rate information that can be used to guide our users.

Our emails and social media posts have always made it clear that AbokiFX does not trade foreign exchange. We display all that information every day on all our platforms. As we do not create the rates, we cannot trade FX, nor can we manipulate the rate as we cannot trade. Before publishing our historical data, we collected data for years, as the demand for it increased. AbokiFX is an online platform for reporting on the foreign exchange market founded in From to , every forex transaction will be scrutinised by the apex bank.

On social media, there is an allegation that Adedotun is being investigated for manipulating foreign exchange rates; however, another source at the bank said that he could not confirm these rumours. Earlier planned MPC meetings have now been postponed until September 16 and 17, There was no explanation for the postponement from the CBN. Due to various reasons, Aboki FX is considered the reliable and the best place to get the exchange rate between Nigerian Naira to the dollar, pounds to Naira, and Naira to Euro.

However, this is not yet available when using the rates of BDC mallam. AbokiFX protects its users from the possibility of errors or losses caused by uncertainties or a lack of adequate knowledge. Whether you run an online business or not, exchange rates play an important role in determining the wealth of a country. By using AbokiFX, you can keep a close eye on common currency fluctuations where it can prepare you for the inevitable.

For leading currencies, it quotes its exchange rate three times a day to prevent such occurrences. Additionally, it enables one to know which businesses the CBN has sanctioned in the forex exchange market. Among the best features of AbokiFX is its currency conversion calculator; with this tool, users can know how much money they will receive in a specified currency for a specified amount of Naira.

The Bitcoin, Ether, Litecoin, and others listed on the AbokiFX website can be converted using the cryptocurrency tab that was added recently. A new version of the website was launched in the year Bureau de change meshes cannot provide users with such features since the CBN supervises them. AbokiFX, a popular mobile and web-based platform for collating black market foreign exchange rates in Nigeria halted its activity on all of its platforms for the time being after receiving threats from the Central Bank of Nigeria.

It has gained widespread acceptance and popularity since its establishment in And it is now widely used for information on the value of the Naira relative to major foreign currencies on the black market. News organisations and traders use it to report on market activity. It is an online platform for foreign exchange rate updates that recently gained prominence due to the attack by the CBN governor, Mr.

Godwin Emefiele. According to him, the website is an illegal and criminal platform. As a result, Adedotun has decided to stop providing daily foreign exchange rate updates due to complaints from the Central Bank of Nigeria CBN that it is causing the current crisis in the forex market that has crippled the Naira.

These are six major things you should know related to AbokiFX and its founder: As of , AbokiFX was a web platform that reported foreign exchange market movements across the globe. He is a Nigerian-born Forex dealer based in London. He was appointed to the position of director on October 2, Many local news organisations use data posted on AbokiFX for reporting on the parallel market.

However, it would help if you opted for its services as a new trader in the Nigerian market. Aside from providing reliable information about the above, AbokiFX also provides reliable information on other basic exchange rates useful to Nigerian foreign exchange traders. What are the fees for deposits at AbokiFX? Aboki charges almost zero fees when you deposit by bank transfer to the domiciliary account. However, there may be a charge for transferring money from your domiciliary bank.

Card deposits are charged differently depending on the type of card; Domiciliary account cards and foreign cards are included in international cards. You are charged 3. Local cards include Naira NGN cards. There is a 1. Cardholders are limited to a total of N, for each NGN transaction. Through AbokiFX, you can track new currency updates from a variety of global and local news sources.

How can you create an Aboki Virtual Account? Here are the few important steps for creating a virtual account: You can create a new account on the Aboki Africa website if you do not already have one. Create a virtual account for the currency you wish to use. However, we anticipate adding more currencies shortly. We will be creating a Euro virtual account for this guide. Click EUR. Ensure that you provide a clear line of business; otherwise, your request will be rejected.

For example, you could present your utility bill as a tenancy agreement, a delivery receipt from your address, a bank statement, or a NEPA statement. It should be within three months; otherwise, your request may be denied. The process of creating the virtual account is hence underway. You will also be notified through email once the process is fully complete. Step 4: You can even choose to keep your funds in your Aboki Africa account, or you can also convert them into the currency of NGN.

Fill in your account number from your browser manually rather than autocomplete; otherwise, the account number may request ten characters instead of 8. Please fill in your details without using autocomplete in this case. Among traders, what makes AbokiFX popular? It is hence possible to view the currency exchange rates of different Nigerian banks through the Aboki Forex.

This platform is the most active, Guarantee Trust Bank and Access Bank, updating their exchange rates regularly. Today you can find information about the latest Aboki exchange rate in Nigeria, such as changes in the price of the Naira in comparison to other currencies.

It even gives details about the prices of Western Union and parallel markets, rates charged by international money transfer companies, and rates set by the Central Bank of Nigeria. To completely avoid making losses resulting from insufficient knowledge or uncertainty, this app protects the users from making poor decisions.

Its main goal is to achieve this by simply providing currency quotes in the morning, or afternoon, and the evening. This is done to disregard and eliminate any misinformation that arises fully. With this app, users can keep up to date with the official CBN rates, allowing them to know as soon as any changes are made.

In addition, if you have multiple tabs open on your computer or mobile device, you can stay up to date if any modifications or adaptations are made. Is it worth using the AbokiFX app? The mobile app can be easily downloaded from the website in the most compatible versions. Depending on its model, there is the possibility of getting a version compatible with your phone, tablet, or another smart device. Click on the apps menu, which is at the top of the page on www.

Plus, you can also get an idea about how to navigate through the features. Aboki provides you with currency-focused news that keeps you informed. So that you can stay informed about global events, or you can view the latest news about specific countries, regions, and even the latest economies. No matter what level you are at as a forex trader, getting the latest news and currency quotes are crucial for making the right trades.

These forex apps are the best option to consider where you can have some latest forex tools or the system specialising in a certain currency. Moreover, it teaches you how to start successfully. Any currency pair you are interested in will be displayed with the most current exchange rate.