- Aliko Dangote advised Nigerians to sell their dollars, saying the naira exchange rate would improve further in the coming months
- He also spoke on the role his 650,000 refinery played in helping the naira stabilise in the official and black market
- The latest exchange rate showed that the naira strengthened to N1,447/$1 in the official market, the best rate against the dollar in 2025
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Aliko Dangote has advised Nigerian dollar holders to sell their US dollars immediately rather than keep them.
The founder of the Dangote Group and Africa’s richest man made this statement at a global press conference in Lagos, where he announced plans to expand his $20 billion Dangote Petroleum Refinery.
Source: Getty Images
According to Dangote, his refinery operation and also expected supportive government polices in the months ahead will see the dollar value drop further.
He said:
“If I had dollars today, I would rather sell them now than wait for the next month or so. Without my refinery, you would have ended up buying dollars at a ridiculous rate. Today, it is at N1,500 a major gain.
“My refinery ensured the dollar rate dropped and our FX reserves grew. I can assure you that within one or two months, with government support for the downstream sector through new policies, the naira rate will improve significantly.
“If I had dollars today, I would sell. Don’t wait”
Naira appreciates
His advice aligns with the recent strengthening of the naira in the latest markets.
In the official market, the naira broke the N1,450/$ exchange rate threshold for the first time in 2025 and also traded below N1,600 in the unofficial market.
According to the Central Bank of Nigeria (CBN), the naira appreciated against the US dollar to close at N1,447/$1, a gain of N4.75 or 0.33% from the previous day’s N1,453.07/$1.
Source: Getty Images
The naira also gained against other major currencies. Against the British pound sterling, it rose by N27.07 to N1,919.45/£1, up from Monday’s N1,946.52/£1.
Against the euro, it increased by N4.91 to N1,690.33/€1, compared with N1,695.24/€1 previously. At GTBank, the naira gained N3 against the dollar, trading at N1,462/$1.
Top bank predicts new exchange rate
In a related development, Legit.ng reported that the naira was projected to weaken between N1,650 and N1,700 in mid-2026, due to expected pressure driven by lower crude oil prices and a new monetary easing cycle.
This was the view of David Cowan, Citibank African economist, in a note to clients on Wednesday, September 24, 2025.
In the note, he stated that Nigeria would begin a new monetary easing cycle next year.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
