Curious about today’s Dollar to Naira exchange rate in Nigeria’s black market? On Tuesday, August 27, 2024, the exchange rate for a dollar at the Lagos Parallel Market (Black Market) saw players buying at ₦1,605 and selling at ₦1,615, according to sources at Bureau De Change (BDC).
While these rates provide a snapshot of current market conditions, it’s essential to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market. The CBN encourages individuals needing foreign exchange to approach their respective banks for transactions.
Official CBN Exchange Rates
- Buying Rate: ₦1,591
- Selling Rate: ₦1,592
Please be aware that the rates for buying or selling forex may differ slightly from what is reported here, as prices can vary.
Nigeria’s GDP Sees 3.19% Growth in Q2 2024
In related economic news, Nigeria’s Gross Domestic Product (GDP) grew by 3.19% in the second quarter of 2024 (Q2’24), up from 2.98% in Q1’24. The National Bureau of Statistics (NBS) attributes this growth mainly to the Services sector, which achieved a 3.79% growth rate and contributed 58.76% to the total GDP.
Compared to the same quarter in 2023, where GDP growth was 2.51%, this year’s Q2 performance shows a notable improvement. The Industrial sector also demonstrated a strong recovery, growing by 3.53% after a contraction of -1.94% in the previous year. However, the Agriculture sector’s growth slowed slightly to 1.41%, down from 1.5% in Q2 2023.
