Aboki FX: An Overview Of The Nigerian Black Market

AbokiFX

Aboki FX is the term commonly used by Nigerians to refer to the exchange rate of the Nigeria naira with other currencies and bitcoin.

Aboki is a Hausa word that means ‘friend.’ It is a word used to address those from the Northern region of Nigeria. They are the category of individuals mainly into the black market FX business. They are often in a cluster of groups in busy places and around commercial banks sourcing for customers ready to buy or sell foreign currency notes.

The origin and popularity of the AbokiFX are traceable to the company’s name, Abokifx Limited. AbokiFX Limited is an online publishing firm incorporated on the 10th of February 2015. They publish daily news on the black market rates of the naira in exchange for other currencies.

Aboki FX founder


The founder / CEO of abokiFX is Olusegun Adedotun Oniwinde. He is a Nigerian born chattered accountant based in the United Kingdom.

According to Crunchbase, Olusegun Adedotun business location (abokiFX) is at Peartree Close South Ockendon Essex, RM15 6PR United Kingdom.

He is estimated to be worth over 40 million dollars. Olusegun Adedotun Oniwinde has held different positions in other companies such as ES Merchant Limited, BOAZ Associate Limited and Esther Limited.

Abokifx Contact Number

There is no officially recognised contact number for contacting abokiFX, but they are reachable via email platforms.
For Aboki FX ATM rates contact: info@abokifx.com, atm@abokifx.com, marketing@abokifx.com or resaerch@abokifx.com.

Why the fuss about abokiFX?


Abokifx has gathered huge patronage due to the usefulness of its daily news to traders with foreign currency. The site is rank among the top 100 most visited websites in Nigeria.

Aboki FX

The difference between the official dollar rate in Nigeria financial institutions to naira is not negligible. For instance, the differences between the parallel market rate (Black Market) and the official market rate for a dollar to naira could be as high as 35 per cent. The black market rates are far superior.

Although the parallel market is perceived to be illegal and unconstitutional, yet its figures are authentic. They are natural, resultant effects of the market dynamics of demand and supply. The demand for dollars versus the number of dollars in circulation is the determinant of the price for a dollar to naira.

Unlike the Nigerian Foreign Exchange (FX) and Centra Bank Of Nigeria (CBN), under the auspices of CBN Governor, Godwin Emefiele fixes the official rate for dollars devoid of the dynamics of demand and supply. The figures from the CBN are often far from reality. These figures are meant to protect the naira from an economy that is heavily dependant on importation thus, dwindling the value of the naira.

The CBN vs AbokiFx feud


CBN on the 17th of September 2021 made a threat on abokiFX, questioning how it gathers its data and publishes foreign exchange results.

Source: Arise TV on Youtube


“Only the central bank can determine the value of the naira. And yet a single, a scrupulous individual who lives in London continues to manipulate the rates of the naira for Nigerians. And he continues to make huge profits, continues to collect these profits in cash ATM in London while other Nigerians suffer the consequences of these actions. We will not allow this to continue again. What kind of registration does he have that allows them to do the kind of business he does? People should tell me how exactly does he collect this data?

Godwin Emefiele

AbokiFX release a statement via their social media platform in response to the state statement made by CBN Governor. They disclosed they are only into circulating information and don’t trade foreign currencies.


“All allegations against our director are yet to be confirmed but we at abokiFX DO NOT trade FX neither do we manipulate parallel market 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.”

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 many.”

abokifx.com

Abokifx is only one of the multiple platforms that publish information on the daily exchange rate of the naira. The popularity of the platform has made its synonymous to black market exchange rate in Nigeria. Other similar websites to abokifx include: nairametrics.com ngnrates.com

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