₦airaland Forum

The naira broke the N1,450/$ resistance line at the official market and the 1490/$ resistance line at the unofficial market, despite recent gains seen in the U.S dollar index.

The naira’s value increased to N1,447 per dollar at the Nigerian Foreign Exchange Market (NFEM), while it traded at N1487/$ at the black market.CBN released data indicated that the naira appreciated by N5 points while the exchange rate dropped to N1,447 per dollar from N1,452 per dollar on Monday.


Africa’s richest man bullish on naira

The founder of the Dangote Group and Africa’s richest man, Aliko Dangote, advised Nigerian dollar holders to sell their US dollars immediately rather than keep them.

He made this statement at a global press conference in Lagos, where he announced plans to expand his $20 billion Dangote Petroleum Refinery.

He based his advice on the expectation that the refinery’s expanding operations, supportive government policies, and the resulting improvements in Nigeria’s trade balance and foreign reserves will all help the Naira continue to appreciate against the dollar.

This advice aligns with the recent strengthening of the Naira, partly due to the refinery’s impact on reducing reliance on fuel imports.

The Naira appreciated from about N1,475/$1 earlier in October to N1,447/$1 at the end of October 2025. With a capacity of 650,000 barrels per day (bpd), the Dangote Refinery is Africa’s largest. It began full operations in early 2025 and is currently producing jet fuel, diesel, and gasoline.

Dangote Refinery started full operations in early 2025 and can currently produce 650,000 barrels per day (bpd) of gasoline, diesel, and jet fuel. With plans to increase capacity to 1.4 million barrels per day, Dangote may become the world’s largest single-train refinery.

saintopus:
The improvement in fuel supply and export means that the naira will continue to gain more strength 💪.
I see the naira settling at the rate of N1250 to thev$ before year end.

Angelfrost:
That a good economic trend... Long may this continue.

saintopus:
The improvement in fuel supply and export means that the naira will continue to gain more strength 💪.
I see the naira settling at the rate of N1250 to thev$ before year end.

OnyeObowo1:
Iff the westerners will allow him and tinibu to..
Those pple detect what happen here ..

Angelfrost:
American economy under Trump is not doing very well atm...!

Coupled with the new changes in the Nigerian downstream sector, Naira will definitely soar.

If they can sort out this insecurity, boost food production and exports, the economy will be on the mend for good.

Angelfrost:
That a good economic trend... Long may this continue.

Those hoarding Dollars and wishing or praying for Naira to keep declining, how do you people sleep at night?!!

OnyeObowo1:
Atleast make tinibu try do this fast before them kick him out ..

OnyeObowo1:
Atleast make tinibu try do this fast before them kick him out ..

Pakute:
https://nairametrics.com/2025/10/29/dangotes-naira-rally-call-comes-as-it-breaks-below-n1450-mark/

TimeManager:
Do you think Nigeria President is a keyboard candidate you can bully with your online wishful thinking?. Better wake up.

-Kiss the truth!

ZombieDredd:
I ask again.......between the masses and the elites in aso rock and corridors of power, governor, ministers, who holds more dollars?

Because this question you are asking on nairaland will not reach them oo

Angelfrost:
Well, we both know the answer to that question, sir.

In any case, those well connected to the center would know well to do the needful before hand.

You can only pity those middle class and elite citizens like celebrities still holding fast to their Dollars.