Activist Wants Court to Restrain AbokiFX from Publishing Exchange Rate

Activist Wants Court to Restrain AbokiFX from Publishing Exchange Rate
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An activist, Solomon Semaka has asked a Federal High Court sitting in Abuja to restrain Abokifx and other unauthorised platforms from publishing or influencing exchange rates in the country.

The plaintiff in a suit No. FHC/ABJ/CS/1150/2021 wants the court to determine whether (abokiFX), anybody, group or organisation not duly registered as an authorised dealer or authorised buyer of foreign currency in Nigeria under the Central Bank of Nigeria of Nigeria Act 2007, the Foreign Exchange (Monitoring and Miscellaneous Provision) Act and other relevant statues can publish or influence foreign exchange other than the CBN.

Recall that the CBN had accused AbokiFX, an online forex site published by Oniwinde Adedotun of influencing foreign exchange rate and declared the publisher wanted. The organisation in swift reaction announced its decision to temporarily suspend rate updates.

Also Read:  Nigeria’s Foreign Exchange Inflow Hits $91bn In 2017 – CBN 

The suit has Oniwinde Adedotun (AbokiFX publisher), Association of Bureau De Change Operators of Nigeria (ABCON), Central Bank of Nigeria and the Attorney General of the Federation as defendants.

In the suit, Solicitor to the Plaintiff, Barr. T. D Sorkaa of Sorkaa and Associates, Chambers, in the affidavit declared: “That it is only the CBN that the right to regulate or determine the foreign exchange in Nigeria under the CBN Act, 2007, the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act and other relevant statues.”

Also Read:  Why naira is regaining value, CBN explains

The matter has been assigned to federal high court 9 to be heard in January 17, 2022.


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AbokiFXexchange rateSolomon Semaka