The exchange rate remains the most discussed topic in Nigerian households. Today, the Naira is trading cautiously at approximately ₦1,340 to ₦1,347 per US Dollar. However, the optimism coming from the nation’s top industrialists is creating a buzz.

The Dangote & Otedola Prediction

Aliko Dangote, Chairman of the Dangote Group, recently shared an optimistic forecast during the launch of the National Industrial Policy 2025. He believes the Naira will strengthen to ₦1,100/$ or even lower by the end of 2026. This sentiment was echoed by billionaire Femi Otedola, who suggested a rate below ₦1,000/$ is achievable.

Factors Driving the Optimism:

• Refinery Impact: With the Dangote Refinery reaching its full capacity of 650,000 barrels per day, Nigeria is drastically reducing its demand for foreign exchange to import refined petroleum products.

• Import Substitution: Dangote emphasized that "blocking all this importation" is the key to currency stability.

• The Catch-22: Interestingly, Dangote noted a "catch-22" situation: if the Naira gets too strong too quickly, the government collects fewer Naira from dollar-denominated oil sales, potentially affecting the budget.