• Naira strengthens to 1,348 per dollar, boosting assets
• Lagos market gains 25,000 billion naira in two months
• Dangote, Rabiu fortunes surge as currency and stocks rise

The naira has strengthened since the start of 2026, increasing the dollar value of assets held by Nigeria’s wealthiest individuals.

The currency has appreciated on the official foreign exchange market, stabilizing at around 1,348 naira to the dollar. At the same time, the Lagos Stock Exchange has rallied, pushing market capitalization to nearly 125,000 billion naira, or $93.1 billion.

The market has gained about 25,000 billion naira in two months, marking the largest increase in its history. The combined effect of currency appreciation and rising share prices has generated significant paper gains for major shareholders.

Aliko Dangote remains the main beneficiary. His net worth has risen by $1.84 billion since January, surpassing $32 billion. The ramp-up of his $20 billion refinery and the stronger naira have increased the value of his naira-denominated assets. He is the first African entrepreneur to remain above the $32 billion mark.

Abdul Samad Rabiu has also benefited. BUA Foods, in which he holds a 92.6 percent stake, is now the most valuable listed company on the Lagos Stock Exchange, with a market capitalization exceeding 15,200 billion naira. His fortune has increased by $2.33 billion this year to $12.5 billion.

Femi Otedola said the naira could strengthen to below 1,000 per dollar by year-end, implying an appreciation of more than 25 percent. A stronger currency would further raise the dollar value of domestic assets.

Tony Elumelu said exchange-rate stability matters more than the absolute level of the currency. He added that greater predictability has allowed companies to resume investment plans that were suspended during the 2024 volatility.

Analysts cite several factors behind the improvement: interest rates around 27 percent, which attract portfolio inflows; foreign exchange reserves near $50 billion; the unification of exchange rates in 2023; reforms to the foreign exchange market; and the removal of fuel subsidies.

Fiacre E. Kakpo