Business
Aliko Dangote Urges Nigerians to Sell Dollars as Naira Strengthens on Refinery Boost
Africa’s richest man, Aliko Dangote, has advised Nigerians to sell their U.S. dollars, predicting that the naira will appreciate significantly within the next one to two months.
Dangote attributed his optimism to the operations of his 650,000-barrel-per-day refinery, which he said is cutting fuel import costs and strengthening Nigeria’s foreign reserves. The country’s reserves have reportedly climbed to $35 billion as of late October 2025, with the naira stabilizing around ₦1,459 to the dollar.
He also highlighted the federal government’s commitment to supporting refinery expansion to 1.4 million barrels per day under President Bola Tinubu’s administration a move aimed at boosting energy security, reducing forex pressure, and enhancing long-term economic stability.
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