Weeks ago, the Emefiele-led CBN pointed fingers of blame at the independent web-based AbokiFX as guilty of manipulating the Naira-Dollar rate in the parallel market. AbokiFX was shut down. For all we know, all the web-based portal did was report black market rates transacted all around the country. We couldn't see any harm (or good) such robust and transparent reporting could do.
Now, with AbokiFX gone, who does the reporting? And if AbokiFX wielded any powers, who has the power now? Well, you may guess right.
AbokiFX did no harm, but the only obvious crime of the portal is telling the truth. Saying the rates as they are. Showing the true depth of the Naira devaluation decadence. But the authorities don't like that. At least this didn't allow them paint the rates as they prefer. As they prefer people to see it. In a light that may be miles away even from the true reality.
I agree information is power. And if you can.manage data very well, you can manipulate things to your advantage.
News on Nairametrics today says:
FX Stabilises after CBN/AbokiFX Controversy
What is the basis of this stability? Any economic pointer? Are we exporting more now? Is Dangote refinery producing now? Is insecurity gone?
You know the answers.
Naira manipulation is now centralised. And we can at least now see it from the light of the new power.
However, even though it can be portrayed in the light they prefer, does this affect how much you buy from or sell to the black market?
AbokiFX's true crime: growing to become a trusted 'AUTHORITY' in a field it's not licenced for. And it didn't ask for it. The people only trusted it.
What now?
