Naira will rise once Dangote refinery starts- Omokri

By Innocent Raphael

Social media activist, Reno Omokri, has encouraged Nigerians to exchange their dollars for naira.

Omokri stated this in a post on his X handle, asserting that he believes once the Dangote refinery becomes operational, the naira will strengthen against the US dollar.

Omokri also suggested that with the refinery in operation, Nigeria may halt fuel imports.

He wrote: “If you bet against the Naira because of the evil ₦2000 to $1 prophecy, just face it that you have lost the money you intended to make by economically exploiting Nigeria.

“But if you wait until Dangote Refinery starts selling every petroleum product needed in Nigeria, including Premium Motor Spirit, Diesel and Aviation Jet A1 fuel, you will lose even more.

“Once Nigeria stops importing fuel, the Naira will rise even more dramatically.

“Count your losses. Convert your Dollar to Naira now or prepare to holler by May 2024, when Dangote Refinery will flood the market with inexpensive petroleum products. #GrowNairaBuyNaija”

Recall that recent reports had revealed that Dangote Refinery have commenced the supply of diesel to the Nigerian market.

According to Reuters, a source had disclosed the petrol products in circulation presently are diesel and aviation jet fuel.

Abubakar Maigandi, the head of the Independent Petroleum Marketers Association of Nigeria, said that local oil marketers set the price at N1,225 ($0.96) per litre for diesel after securing a bulk purchase agreement, prior to adding their mark-up.

The association’s members control about 150,000 retail stations across Nigeria, Maigandi revealed.

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