President of BUA Group, Abdul Samad Rabiu, has expressed optimism that the naira will strengthen further, projecting an exchange rate of between ₦1,300 and ₦1,400 to the dollar before the end of the year.
Rabiu made the projection on Wednesday after a meeting with President Bola Tinubu at the Presidential Villa, Abuja.
He commended the administration’s economic reforms, describing them as bold and decisive steps that were already yielding positive results.
“I expect that the exchange rate is going to strengthen even further. I expect that the rate should come down to maybe ₦1,300, ₦1,400 before the end of the year. And this is something that we should all celebrate,” Rabiu said.
He noted that businesses no longer depended on the Central Bank of Nigeria (CBN) for foreign exchange, as many were now able to source FX independently, including through credit cards and international banking channels.
According to him, this marks a major shift from past reliance on official allocations.
“So really, for all of these, we must give full credit to His Excellency and the government”.
“Their bold reforms and decisive policies are creating the foundation for a stronger economy, a more stable currency and a better future for businesses and Nigerians alike,” he added.
Responding to questions on food prices, Rabiu maintained that there had been a reduction in commodity prices compared to last year, urging Nigerians to be patient as government policies continue to stabilise the economy.
“If you look at the prices of food items last year and what we have today, you’ll see that there is a significant reduction in all the commodities.
So, I think we just need to be a bit more patient. Clearly, things are getting better and we must continue to support the government,” the BUA chairman said.
