Dangote Predicts Naira to Dollar Exchange Rate of N1,100 in 2026, Gives Reasons
- Aliko Dangote has said the naira could reach N1,100 to $1 this year and praised the government's economic reforms
- At an event, the billionaire businessman gave several reasons for its projection and praised the government for recent reforms
- Vice President Kashim Shettima, who was in attendance, also praised the role of Dangote group companies
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The chairman of the Dangote Group, Aliko Dangote, has predicted a strengthening of the Nigerian naira, saying the currency could reach N1,100 to $1 this year.
Dangote made the comments on Tuesday, February 17, during the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima, the Secretary to the Government of the Federation, George Akume, representatives from the Manufacturers Association of Nigeria, the United Nations, and industry leaders.
Source: Getty Images
While the naira currently trades at around N1,300 to the dollar, Dangote said the government’s reforms are starting to yield positive results for manufacturers.
He said:
“With the policies that have been implemented, people now have started seeing the result, and manufacturers are very, very happy."
Dangote added that restricting imports could further support the naira, potentially pushing it to N1,100 to the dollar, ChannelsTV reports.
“If the naira gets stronger, it means that everything will go down, because we are an import-based country, which we shouldn’t be. What we should be doing is manufacturing all the things that we need."
Source: Getty Images
Dangote praises government policy
He also called for incentives and improved infrastructure, particularly power, to protect local investors and drive industrial growth.
Dangote added:
“The policy is in order, but it must be backed with full protection for industrialists to achieve industrialization, job creation, and economic growth."
Vice President Shettima at the event highlighted the private sector’s importance in implementing the industrial policy, noting that Dangote Cement alone paid N900 billion in taxes in 2025.
The Nigerian Industrial Policy aims to boost value addition, industrial linkages, and export competitiveness.
Naira improves again
The Nigerian naira recorded further gains across the foreign exchange (FX) market on Tuesday, February 17.
In the parallel market, it strengthened by N30 against the US dollar, closing at N1,390/$1 compared to N1,420/$1 a day earlier.
At the official Nigerian Foreign Exchange Market (NAFEM), the currency appreciated by N11.82, or 0.88%, to settle at N1,335.96/$1, improving from Monday’s rate of N1,347.78/$1.
Latest naira-to-dollar exchange rates
- CFA: N2.44
- Yuan/Renminbi: N193.36
- Danish Krona: N211.38
- Euro: N1,579.24
- Yen: N8.71
- Riyal: N356.23
- South African Rand: N83.11
- SDR: N1,841.35
- Swiss Franc: N1,731.19
- Pounds Sterling: N1,806.75
- US Dollar: N1,335.96
- UAE Dirham: N363.69
Otedola predicts new naira exchange rate
Earlier, Legit.ng reported that billionaire businessman Femi Otedola projected that the naira could appreciate to trade below N1,000 to the dollar before the end of 2026.
He noted that the Dangote Petroleum Refinery’s attainment of full operational capacity was a key driver of foreign exchange stability.
Otedola described the refinery’s ramp-up to full production as a major turning point for Nigeria’s foreign exchange outlook.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
