Dollar To Naira Exchange Rate On The Black Market: August 29, 2024

Dollar To Naira Exchange Rate On The Black Market: August 29, 2024

As of August 29, 2024, the black market (parallel market) exchange rate for the dollar to naira is as follows:…CONTINUE READING 

– **Buying Rate**: ₦1,610 per USD
– **Selling Rate**: ₦1,620 per USD

This rate is based on information from Bureau De Change (BDC) operators in Lagos. Note that the Central Bank of Nigeria (CBN) does not officially recognize the black market rates and advises individuals to use official bank channels for currency exchange.

**CBN Official Exchange Rates:**

– **Buying Rate**: ₦1,602 per USD
– **Selling Rate**: ₦1,603 per USD

Exchange rates may vary, so actual rates could differ from those mentioned here.

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**Tinubu Comments on Nigeria’s GDP Growth**

President Bola Tinubu has expressed enthusiasm over the latest GDP report from the National Bureau of Statistics (NBS), which shows a 3.2% year-on-year growth for the second quarter of 2024, up from 2.51% in the same period of 2023. This growth follows recent declines in food and headline inflation.

In a statement from Bayo Onanuga, the President’s Special Adviser on Information and Strategy, Tinubu highlighted the positive economic trajectory, affirming that the government’s reforms are fostering recovery. He urged Nigerians to maintain confidence in the administration’s efforts and anticipate further improvements in economic conditions.

The President emphasized the expected rise in oil production to around two million barrels soon and noted that both the industry and services sectors contributed significantly to the GDP. The aggregate GDP for the second quarter of 2024 stood at ₦60.93 trillion, reflecting a 16.94% nominal increase from the previous year.