Dangote Predicts Naira May Rise to N1,100/$ by 2026

Aliko Dangote, the Chairman of the Dangote Group, has estimated that the naira might strengthen to N1,100 per dollar before the close of 2026.

Dangote shared this projection at the introduction of the National Industrial Policy 2025 by the Nigerian government.

His statement comes on the heels of recent improvements in the local currency's performance. As of Tuesday, the naira was trading at N1,335.95 per dollar on the official market and approximately N1,380 per dollar in the parallel market.

While addressing officials at the launch event, Dangote credited the naira's improved showing to policy measures implemented by the current administration, indicating that manufacturers are starting to experience encouraging outcomes.

"Looking at the current situation, Your Excellency, I believe that because of the policies you have put in place, people are beginning to see positive outcomes, and manufacturers are quite pleased," he remarked.

He expressed hope that if import restrictions were tightened further and domestic production was increased, the currency could appreciate even more.

"As it stands, the dollar is at N1,340. Mr. Vice-President, I can confidently state that if we manage to block all these imports, we might see the naira fall to as low as N1,100 if we are fortunate," stated Dangote.

However, he pointed out that a stronger naira could pose a policy challenge for the government.

"The concern is that the government might need to prevent the naira from becoming too strong to ensure they can continue to collect more naira," he noted.

"It's a catch-22 situation. If the naira strengthens, everything might decrease in price, which could be problematic, especially as we are a country heavily reliant on imports, which ideally we should not be."

Dangote reiterated the importance of focusing on domestic production to reduce reliance on imports and enhance industrial capability as a means to stabilize the currency and stimulate economic growth.