Price instability: The black market exchange rate is often subject to significant fluctuations, leading to instability and unpredictability for businesses and individuals.Currency scarcity: One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency, which is often caused by the government’s inability to meet demand.The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 to 2021. Reports on social media claim that Adedotun is being investigated for foreign exchange rate manipulation, but another source within the bank said he could not confirm the rumors. “There would be a lot more clarity after the next monetary policy committee (MPC) meeting tomorrow,” the source said. AbokiFX, registered in Arizona, United States, is the 63rd most visited website in Nigeria as of September 16, 2021. On Thursday, 16th of September 2021, abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. An insider, familiar with the events, said that “unusual forex transactions” were found in his account, suggesting the promoters of the platform have been involved in illegal forex trading. AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for “illegal foreign exchange transactions”. The Central Bank of Nigeria (CBN) has said it is investigating Oniwinde Adedotun, the founder of abokiFX.
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