Sell Your US Dollars Immediately Rather Than Keeping Them – Dangote Warns Nigerian Dollar Holders – SIXT-MEDIA LANE
The naira broke the N1,450/$ resistance line at the official market and the 1490/$ resistance line at the unofficial market, despite recent gains seen in the U.S dollar index.
The naira’s value increased to N1,447 per dollar at the Nigerian Foreign Exchange Market (NFEM), while it traded at N1487/$ at the black market.CBN released data indicated that the naira appreciated by N5 points while the exchange rate dropped to N1,447 per dollar from N1,452 per dollar on Monday.
Africa’s richest man bullish on naira
The founder of the Dangote Group and Africa’s richest man, Aliko Dangote, advised Nigerian dollar holders to sell their US dollars immediately rather than keep them.
He made this statement at a global press conference in Lagos, where he announced plans to expand his $20 billion Dangote Petroleum Refinery.
He based his advice on the expectation that the refinery’s expanding operations, supportive government policies, and the resulting improvements in Nigeria’s trade balance and foreign reserves will all help the Naira continue to appreciate against the dollar.
This advice aligns with the recent strengthening of the Naira, partly due to the refinery’s impact on reducing reliance on fuel imports.
The Naira appreciated from about N1,475/$1 earlier in October to N1,447/$1 at the end of October 2025. With a capacity of 650,000 barrels per day (bpd), the Dangote Refinery is Africa’s largest. It began full operations in early 2025 and is currently producing jet fuel, diesel, and gasoline.
Dangote Refinery started full operations in early 2025 and can currently produce 650,000 barrels per day (bpd) of gasoline, diesel, and jet fuel. With plans to increase capacity to 1.4 million barrels per day, Dangote may become the world’s largest single-train refinery.
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