Black Market Exchange Rate For Pounds And Naira On February 1, 2023

What is the black market, often referred to as the parallel market (Aboki fx), exchange rate for pounds to naira? See here for the black market exchange rate for pounds to naira on January 31. At these prices, you may exchange your pounds for naira.

How much is a pounds to naira today in the black market?

Pounds to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a Pound to naira at Lagos Parallel Market (Black Market) players buy a pound for N935 and sell at N940 on Tuesday 31st January 2023, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Pounds to Naira Black Market Rate Today

Pound to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN935
Selling RateN940

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) is set to clamp down on oil marketers over the sale of the price of Premium Motor Spirit, popularly called petrol as high as N650/litre in some locations.

Naija News reports that the association stated this in a statement on Monday jointly signed by its President, Festus Osifo, and Secretary, Lumumba Okugbawa.

PENGASSAN stated that it had been following up with its members at the Nigerian National Petroleum Company Limited (NNPC) who were responsible for assigning the products to marketers.

It said it was also following up with its members from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in various depots and terminals, responsible for issuing cargo clearance, monitoring compliance, routing inspection, metering calibration/maintenance, accurate delivery to trucks, record keeping, etc, on the need to carry out their functions expeditiously.

The statement reads: “While we understand that the parameters imputed into the old PPPRA and now NMDPRA template has since changed because of some economic vagaries such as exchange rate fluctuation, vessel hiring cost and cost of diesel, among others, there is no sufficient justification for petrol to be selling for such highly inflated price, thereby subjecting the masses to further difficulties.

“Even though we have some good marketers who tend to play by the rules, others who are overbearing have deployed methods of creating artificial scarcities in other to hike the price of the product uncontrollably, as the prices of the product now sell between N185 to N650 depending on your location and outlet.”

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