Dangote Urges Nigerians to Sell US Dollars Amid Strengthening Naira

Aliko Dangote, Africa's richest man and founder of Dangote Group, advised Nigerians holding US dollars to sell them immediately as the Naira strengthens. This advice coincides with Dangote's announcement of a $20 billion expansion plan for Dangote Petroleum Refinery.

The Naira recently broke the N1,450 exchange rate threshold against the dollar, appreciating to N1,447 in the official market. Citibank's African economist, David Cowan, predicts a new monetary easing cycle in 2026 due to lower crude oil prices.

The Central Bank of Nigeria (CBN) also reported the Naira's gains against major currencies.