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In today’s edition:
Why is Nigeria’s CBN going after abokiFX?
Gassing up is burning Kenyans out
TC Insights: Stemming Africa’s talent flight
Events: Four days until #TheFutureofCommerce
WHY IS NIGERIA’S CBN GOING AFTER ABOKIFX?
The Central Bank of Nigeria (CBN), is going after the country’s popular foreign exchange rating platform, abokiFX.
abokiFX is a mobile and web-based platform that collates the black market foreign exchange rates in Nigeria. Basically, the platform tells you how much naira you can get for your dollars or pounds. In fact, if you live in Nigeria or trade in naira, you’ve probably used abokiFX.
Well, you can’t anymore because the CBN has ordered that the platform be taken down. They’re also planning to prosecute the alleged owner, Olusegun Adedotun Oniwinde.
For economic sabotage. For illegal forex trading. For illegal activities that undermine the economy.
Or at least that’s what CBN governor, Godwin Emefiele, says.
Unlike other countries, Nigeria has different exchange rates. This includes a strong official rate published by the CBN itself, a weaker one for investors and exporters known as the NAFEX window, and the parallel or black market where foreign currencies are traded unofficially and the naira is often valued less than the NAFEX rate.
Here’s a quick illustration: In March, the official dollar rate by the CBN was set at ₦379 to $1, while the NAFEX rate was ₦410.25 to $1. But on the black market, the rates went as high as ₦482.25 to $1.
What does this have to do with abokiFX?
abokiFX is a parallel window. The website collates data from BDCs and black markets in Lagos, Nigeria, and publishes the rates so people know what to expect.
CBN doesn’t believe this though. The apex bank believes that the platform manipulates forex by publishing false rates, all for a tidy profit.
KB4-CON EMEA is a free, highly engaging, cybersecurity-focused virtual event designed for CISOs, security awareness and cybersecurity professionals in Europe, the Middle East and Africa.
The event will be on Thursday, September 23rd and features keynotes from two of the most well-known figures in cybersecurity. Mikko Hyppönen will cover how our global networks are being threatened by surveillance and crime, and how we can fix our technical, and human, problems. Kevin Mitnick will reveal social engineering tradecraft and insights and wow you with a live hacking demonstration. You can register here.
We’ll publish the most interesting answers on Friday.
EVENTS: 4 DAYS LEFT UNTIL THE #FUTUREOFCOMMERCE IS OFFICIALLY LIVE
The Future of Commerce is only four days away! We’re very excited to usher you into all that’s changing in how we buy and sell.
This Friday, the 24th of September, we’ll be discussing with some of the most insightful speakers on and off the continent, from innovative startups to prestigious banks and more. Check here if you haven’t met them yet.
We have many great sessions lined up as well, and we’re sure you’ll learn plenty from not one, not two, but all of them!
Next on the Grit & Growth podcast: meet Elo Umeh, CEO of Terragon Group, a Nigerian marketing and insights firm, and experts from TLcom Capital, and learn how to maximize the value of your firm’s next fundraising round. Listen here.
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