The bombing happened at approximately midnight on Saturday. Reports point to a refrigerator van filled with explosives being detonated near the popular al-Hadi Cantre.
The area was heavily populated with families and individuals shopping to celebrate the holiday marking the end of Ramadan.
A member of the civil defence forces, quoted by AFP news agency remarked on the absolute desolation caused by the bomb blast, stating: “We need a number of days to be able to recover the bodies of victims. It is a difficult task.
“The lists of victims I saw included whole families – the father and his sons, the mother and her daughters – whole families were wiped out by this explosion.”
Following the initial blast, a second bomb was detonated in the predominately Shia area, north of the capital, claiming the lives of five additional people.
Prime Minister Haider al-Abadi has announced three days of national mourning following the horrific incident.
Isil (IS) have claimed responsibility for the attack and released a statement labelling the bombing as part of “ongoing security operations,” according to the BBC.
The US has pledged its continued support of Iraq in its bid to “destroy Isil”, according to the White House statement.
UN Iraq envoy Jan Kubis described the extent of violence as a “cowardly and heinous act of unparalleled proportions” and said that IS militants are suffering large defeats. This “panic” is causing them to “avenge their losses by targeting vulnerable civilians”.