Dangote forecasts major naira rally to ₦1,100/$1

Chairman of Dangote Group, Aliko Dangote, has projected a significant appreciation of the naira, saying the currency could strengthen to ₦1,100 against the dollar in 2026 if current government reforms continue.

Dangote made the remarks on Tuesday at the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other senior officials.

The naira currently trades around ₦1,300 to the dollar, but Dangote expressed confidence that policy measures aimed at reducing import dependence and supporting local manufacturing would further boost the currency.

“Today, the dollar is about ₦1,340,” he said. “With what I know, by blocking all this importation, the currency this year could be as low as ₦1,100 if we are lucky.”

He noted, however, that a stronger naira presents a policy dilemma, as it may reduce government revenue in naira terms while lowering the cost of imports in an economy still heavily reliant on foreign goods.

Dangote stressed that Nigeria must shift toward domestic manufacturing to achieve sustainable currency stability.

He also called for stronger institutional support for industrialists, including improved infrastructure and reliable power supply, to drive job creation and economic growth.

The comments come amid a rally in Nigerian equities. A recent report by Bloomberg stated that Nigerian stocks recorded one of the world’s strongest dollar returns in 2026, rising 31% and recovering about $21 billion in market value lost after the naira’s devaluation in 2024.

Market capitalisation on the Nigerian Exchange Limited has climbed to approximately $84 billion.

Separately, businessman Femi Otedola previously predicted the naira could trade below ₦1,000/$1 before the end of 2026, citing the anticipated full production capacity of the Dangote Petroleum Refinery.

He described the refinery’s projected output of 650,000 barrels per day and up to 75 million litres of Premium Motor Spirit daily as transformative for Nigeria’s energy sector and foreign exchange conservation.

At the official foreign exchange market, the naira recently traded around ₦1,354 to the dollar, while rates at the parallel market hovered between ₦1,430 and ₦1,440, marking some of its strongest levels in more than two years, according to market sources.