Aliko Dangote has advised Nigerian dollar holders to sell their US dollars immediately rather than keep them.

The founder of the Dangote Group and Africa’s richest man made this statement at a global press conference in Lagos, where he announced plans to expand his $20 billion Dangote Petroleum Refinery.

According to Dangote, his refinery operation and also expected supportive government polices in the months ahead will see the dollar value drop further.

He said:

“If I had dollars today, I would rather sell them now than wait for the next month or so. Without my refinery, you would have ended up buying dollars at a ridiculous rate. Today, it is at N1,500 a major gain.

"My refinery ensured the dollar rate dropped and our FX reserves grew. I can assure you that within one or two months, with government support for the downstream sector through new policies, the naira rate will improve significantly.

"If I had dollars today, I would sell. Don't wait”

Naira appreciates

His advice aligns with the recent strengthening of the naira in the latest markets.

In the official market, the naira broke the N1,450/$ exchange rate threshold for the first time in 2025 and also traded below N1,600 in the unofficial market.

According to the Central Bank of Nigeria (CBN), the naira appreciated against the US dollar to close at N1,447/$1, a gain of N4.75 or 0.33% from the previous day’s N1,453.07/$1.

The naira also gained against other major currencies. Against the British pound sterling, it rose by N27.07 to N1,919.45/£1, up from Monday’s N1,946.52/£1.

Against the euro, it increased by N4.91 to N1,690.33/€1, compared with N1,695.24/€1 previously. At GTBank, the naira gained N3 against the dollar, trading at N1,462/$1.