*As Naira hits N502/$1 at parallel market
Security Agencies Go Against Aboki Website For Manipulating Currency Exchange Rate – Report.
The depreciation of Naira in the currency market has been attributed to manipulation by an Aboki website that collates parallel market rates in Lagos.
According to the data posted on the website, naira closed at N499 to a dollar on Thursday, lost N3 at midday trading Friday, according to data on abokiFX.com, a website that collates parallel rates in Lagos.
It also depreciated against Pound and Euro, trading N710 and N608, respectively.
A source disclosed to TheNigeriaLawyer that the information pertaining exchange rate at the said website is fake and the security agencies are investigating the matter.
Recall that PUNCH reports that Bureau De Change operators got the United States dollar from the Central Bank of Nigeria at N393 but sold it for N494 on Friday. Sources from some commercial banks told PUNCH that the banks were asked to fund the BDCs at the rate of N393/$ as of Friday last week.
Meanwhile, The Association of Bureaux De Change Operators of Nigeria (ABCON) says it will launch an “Operation No Street Trading” to stop street hawking of foreign currencies.
Aminu Gwadabe, ABCON president, said this was one of the resolutions unanimously reached by BDCs directors at the meeting of operators on Tuesday in Lagos.
Gwadabe also said all market participants would work together to lower the foreign currency rate.
ABCON urged foreign exchange users and the general public on May 31 to patronise only BDC operators licensed by the Central Bank of Nigeria (CBN) to get dollars at the approved rate.
(Cambridge University Press, January, 2021) By Professor Damilola S. Olawuyi, SAN, FCIArb, Professor of Law and Deputy Vice-Chancellor, Afe Babalola University, Ado Ekiti
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