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Omokri advises Nigerians to exchange their dollars for naira before the Dangote refinery commences operations



Encouraging Nigerians, social activist Reno Omokri suggests converting dollars to naira.

He points out that the value of the naira is likely to strengthen against the US dollar once the Dangote refinery becomes operational.

Omokri highlights the possibility of ceasing fuel imports when the Dangote refinery begins full-scale operations in Nigeria.

Expressing his thoughts on X platform, the former presidential aide emphasizes, “If you placed bets against the naira due to dire predictions like the ₦2000 to $1 prophecy, be ready to accept the loss you were hoping to gain through exploiting Nigeria economically.”

He adds, “If you delay your currency exchange until the Dangote Refinery kickstarts the sale of all petroleum products required in Nigeria, such as Premium Motor Spirit, Diesel, and Aviation Jet A1 fuel, your losses will be even greater.”

Omokri continues, “Once Nigeria’s dependency on fuel imports comes to an end, expect a significant surge in the value of the naira.”

He advises, “Take stock of your losses. It’s wise to convert your dollars to naira now or brace yourself for disappointment by May 2024, when the market will be flooded with affordable petroleum products from the Dangote Refinery. #GrowNairaBuyNaija”

Reports from NewsNow indicate that the Dangote Refinery has begun supplying diesel to the Nigerian market.

Sources disclosed that the commodities being supplied include diesel and aviation jet fuel, as reported by Reuters on Tuesday.

Abubakar Maigandi, the head of the Independent Petroleum Marketers Association of Nigeria, mentioned that local oil marketers have set the price at N1,225 ($0.96) per liter for diesel following a bulk purchase agreement, before adding their profit margin.

Maigandi notes that the association’s members oversee approximately 150,000 retail stations nationwide.