Billionaire businessman, Femi Otedola, has said naira could trade below ₦1,000 to the US dollar before the end of 2026, following the Dangote Petroleum Refinery reaching its full production capacity of 650,000 barrels per day.
Otedola made the claim in a post on X on Thursday while congratulating his friend and fellow businessman, Aliko Dangote, on the milestone.
The naira, which has strengthened in recent weeks, was trading around ₦1,354 to the dollar at the official foreign exchange market on Thursday and about ₦1,430–₦1,440 on the parallel market — its strongest levels in more than two years — according to market sources.
The refinery’s full capacity, Otedola said in ..., is “transformational for Nigeria and Africa,” noting its ability to supply up to 75 million litres of Premium Motor Spirit daily would change the country’s energy narrative and conserve foreign exchange