Naira Strengthens Against Dollar as Dangote Expresses Optimism
The Nigerian Naira has breached key resistance levels at both the official and unofficial foreign exchange markets, signalling renewed investor confidence despite recent gains in the U.S. dollar index.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the Naira appreciating to ₦1,447 per dollar at the official market, up from ₦1,452 per dollar on Monday. Meanwhile, the black market rate dropped to ₦1,487 per dollar, breaking through the previous resistance line of ₦1,490 per dollar. The central bank’s latest figures indicate a ₦5-point gain for the local currency, reflecting a broader trend of strengthening.
Dangote Encourages Dollar Holders to Sell
Aliko Dangote, Africa’s richest man and founder of the Dangote Group, has urged Nigerian dollar holders to divest their foreign currency holdings. Speaking at a global press conference in Lagos, he highlighted that Nigeria’s Naira is poised for further appreciation, driven by expanding refinery operations, supportive government policies, and anticipated improvements in the country’s trade balance and foreign reserves.
Dangote made the announcement in the context of plans to expand his $20 billion Dangote Petroleum Refinery, Africa’s largest refinery. Operating at 650,000 barrels per day (bpd) since early 2025, the refinery currently produces gasoline, diesel, and jet fuel. Expansion plans aim to increase capacity to 1.4 million bpd, potentially making it the world’s largest single-train refinery.
Refinery Operations Bolster Naira
Observers note that the refinery’s contribution to reducing Nigeria’s reliance on imported fuel has been a key factor in the recent appreciation of the Naira. Since early October 2025, the currency has strengthened from around ₦1,475 per dollar to ₦1,447 per dollar, reflecting growing market optimism.
Economists suggest that continued operational efficiency and capacity expansion at the Dangote Refinery could further improve Nigeria’s foreign exchange reserves, underpinning additional gains for the Naira in both official and parallel markets.
As Nigeria navigates a complex foreign exchange environment, Dangote’s bullish stance underscores a positive outlook for the Naira, aligning private sector confidence with broader economic policy measures.
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