Aboki Black Market Dollar to Naira Exchange Rate Today, November 16

The Aboki black market Dollar to Naira exchange rate today, Monday, November 14 ₦670/$1 buying rate and ₦700/$1 selling rate according to bureau de change operators in Lagos and Abuja. The British Pound is trading around N835/£1. The market remains volatile since the historic volatility that was seen last week which saw the naira go from #900/$ a week prior to trading at less than #600/$ before the end of the week.

The high volatility started when the CBN announced that the country’s 200, 500 and 1000 naira notes will be redesigned in December with all old notes becoming obsolete by January 31, 2023. Panic buying of the dollar followed which pushed the price to almost #900/$, but that trend was halted when the EFCC went after BDC merchants, accusing them of helping politically exposed persons launder their money.

Other factors also came together within a week, all of which helped the naira regain its strength against the dollar.