Chairman of BUA Group, Abdul Samad Rabiu, has projected that the naira will appreciate further against the dollar, settling between N1,300 and N1,400 before the close of the year.
Rabiu made the forecast on Wednesday following an audience with President Bola Ahmed Tinubu at the Presidential Villa, where he praised the government’s handling of the economy.
According to the billionaire industrialist, the reforms introduced by the Tinubu administration are bold, decisive, and already beginning to yield visible progress.
“I believe the exchange rate will continue to strengthen,” Rabiu said. “We should see it come down to around N1,300 or N1,400 by year end. That is a development we should all appreciate.”
He observed that companies are no longer dependent on the Central Bank of Nigeria (CBN) for foreign exchange, as many now access dollars through commercial banks, international cards, and other market-driven platforms. This, he explained, represents a clear departure from the past when businesses relied heavily on official allocations.
“For all of this, full credit must go to His Excellency and his team.
“Their reforms are laying the groundwork for a stronger economy, a more resilient naira, and a brighter future for Nigerian businesses and citizens,” Rabiu stressed.
Speaking on food inflation, the BUA chief insisted that commodity prices have already recorded noticeable drops compared to last year.
He urged Nigerians to remain patient while ongoing policies take fuller effect.
“If you compare food prices today with what they were a year ago, you will find a meaningful decline across many commodities,” he said. “The situation is improving. We just need to give it more time and continue supporting the government’s efforts.”
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