Reno Omokri Urges Nigerians to Convert Dollars to Naira as Dangote Refinery Set to Boost Currency

Reno Omokri, a renowned social critic, has urged Nigerians to convert their dollars to naira, predicting that the value of the Nigerian currency will rise significantly once the Dangote Refinery begins operations and Nigeria stops importing fuel.

Omokri shared this advice on his official X page, emphasizing the potential for economic growth and the strengthening of the naira.

In his post, Omokri criticized those who bet against the naira based on the “evil ₦2000 to $1 prophecy,” stating that they have already lost the money they intended to make through exploiting Nigeria’s economy.

He encouraged Nigerians to convert their dollars to naira now, rather than waiting until May 2024, when the Dangote Refinery is expected to flood the market with inexpensive petroleum products.

Omokri highlighted the importance of Nigeria’s transition to local production of petroleum products, including Premium Motor Spirit, Diesel, and Aviation Jet A1 fuel, which will significantly reduce the country’s reliance on imports.

This, in turn, is expected to boost the value of the naira, making it a more attractive investment for Nigerians.

The Dangote Refinery, located in Lekki, Lagos, is Africa’s largest oil refinery and the world’s largest single-train facility.

Once operational, it is expected to produce 650,000 barrels of crude oil per day, meeting Nigeria’s domestic demand for petroleum products and creating a surplus for export.

This development is seen as a game-changer for Nigeria’s economy, as it will reduce the pressure on the country’s foreign exchange reserves, improve its balance of payments, and ultimately strengthen the value of the naira.

Reno Omokri’s advice to Nigerians to convert their dollars to naira is based on the anticipated positive impact of the Dangote Refinery on the country’s economy.

As Nigeria moves towards local production of petroleum products, the value of the naira is expected to rise, making it a wise investment for those looking to capitalize on the country’s economic growth.