Dollar will be less than N1,000 before end of 2026 – Otedola
Gossip • 4d ago
**The Naira's Potential Rise: A Glimmer of Hope for Nigeria's Economy**
In a recent post on social media, business mogul Femi Otedola threw his weight behind a prediction that could bring a sigh of relief to many Nigerians: the Naira could soon trade below ₦1,000 to the dollar. This forecast, which some may initially dismiss as overly optimistic, is based on the expected impact of the Dangote Petroleum Refinery on the country's energy landscape.
As the refinery reaches its full production capacity of 650,000 barrels per day, Nigeria is poised to become a major player in the African oil market. With the ability to supply up to 75 million litres of Premium Motor Spirit (PMS) daily, the refinery's significance extends far beyond domestic consumption. It has the potential to alter the country's relationship with the global economy, reducing our reliance on imported fuel and easing the strain on our foreign exchange reserves.
The implications of this development are far-reaching. With domestic refining now a reality, the pressure on the foreign exchange market is expected to ease, paving the way for a stronger Naira. This, in turn, could lead to a more stable economy, with increased purchasing power for citizens. It's a prospect that many Nigerians are eager to see materialize.
While only time will tell if Otedola's prediction comes to pass, it's undeniable that the Dangote Petroleum Refinery marks a significant turning point in Nigeria's economic journey. As we navigate the complexities of our economy, it's heartening to see entrepreneurs and business leaders like Otedola speaking with confidence about our potential for growth and development.
In conclusion, Otedola's prediction offers a glimmer of hope for Nigeria's economic future. As we watch the Dangote Petroleum Refinery's impact unfold, we can't help but feel a sense of optimism about the possibilities that lie ahead. Will the Naira indeed trade below ₦1,000 to the dollar by the end of 2026? Only time will tell, but one thing is certain: the future of our economy is looking brighter than ever.