Dollar to Naira Exchange Rate Today: August 28, 2024

Current Black Market Dollar to Naira Exchange Rate

As of August 27, 2024, the exchange rates at the Lagos Parallel Market (Black Market) are as follows:

• Buying Rate: ₦1605
• Selling Rate: ₦1615

These rates are provided by sources at Bureau De Change (BDC) and reflect the current market conditions. It’s important to note that these rates are not officially recognized by the Central Bank of Nigeria (CBN), which advises individuals to use their banks for Forex transactions.

Official CBN Exchange Rates

For comparison, the Central Bank of Nigeria’s rates for today are:

• Buying Rate: ₦1591
• Selling Rate: ₦1592

Please be aware that actual rates may vary slightly based on market fluctuations and individual transactions.

Nigeria’s Economic Outlook

In other news, Nigeria’s economy has shown significant improvement. The country’s real Gross Domestic Product (GDP) grew by 3.19% in the second quarter of 2024 (Q2’24), up from 2.98% in the first quarter (Q1’24). This growth represents a 0.21 percentage point increase from the previous quarter.

According to the National Bureau of Statistics (NBS), the Services sector led this growth, achieving a robust 3.79% increase and contributing 58.76% to the total GDP. This sector’s performance was a major driver of the overall GDP increase.

Conversely, the Agriculture sector experienced a slight dip, with a growth rate of 1.41%, down from 1.5% in Q2’23. On a more positive note, the Industrial sector rebounded with a 3.53% growth rate, a significant recovery from the -1.94% decline recorded in the same quarter of the previous year.

Stay informed about the latest exchange rates and economic developments to make better financial decisions.