The Chairman of Dangote Group expressed optimism on Monday, noting that the naira’s trajectory has begun stabilizing due to improved dollar supply across markets.
According to a report, he emphasized that the Central Bank’s current strategy is already yielding results, creating confidence among key stakeholders.
“In the last few weeks, there has been a lot of liquidity in the market. That is why you see the naira is gaining,” he said.
Dangote attributed the ongoing progress to strategic decisions by the CBN, calling it a welcome shift from previous inconsistent policies under older administrations.
This comment follows the apex bank’s intervention which has led to a narrowing gap between the official and parallel market exchange rates.
The industrialist maintained that macroeconomic stability was vital for investor confidence, job creation, and sustained local production across all sectors of the economy.
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Furthermore, he stated that a stable exchange rate was not just symbolic, but also directly linked to inflation control and long-term pricing predictability.
Stakeholders in the manufacturing and trade sectors welcomed Dangote’s assertion, saying it aligned with what they were observing in the forex market.
Quoting the coverage, Dangote said, “Once we have a single exchange rate and stability, Nigeria will be able to attract more foreign direct investments.”
He also reiterated his company’s support for policies that ease access to raw materials and forex, especially for industries driving self-sufficiency in production.
Meanwhile, analysts warned that while optimism is healthy, long-term resilience will still depend on fiscal discipline, capital inflows, and export-driven policies.
Nevertheless, transitional periods remain fragile. The CBN must balance liberalization with protective safeguards to prevent shocks from sudden external market pressures.
Although past volatility eroded confidence in the naira, improved transparency and decisive monetary actions appear to be reversing that trend in real-time.
