Dollar Hits N575 Despite Aboki FX Update Suspension

Naira falls at official window as dollar shortage persists

A Dollar hits N575 despite the suspension of Aboki FX Update

Brand Spur Nigeria gathered that dollar rose to between N572 and N575 in different parts of the country on Monday barely two days after Aboki FX, stopped providing updates on the exchange rate.

In Abuja, the dollar is sold for N574 as opposed to the N570 it was sold for on Friday while in Lagos, the dollar is sold at N572 while in Kano it was N575 as of 3 pm on Monday.

The pound as of the time of filing this report is sold for N780 as opposed to N770 last Friday.

Brand Spur Nigeria recalls that 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 stabilize.