Abdul Samad Rabiu, Chairman of BUA Group, has expressed optimism that the naira will continue its upward trajectory, forecasting that the currency could trade between ₦1,300 and ₦1,400 to the dollar by the end of the year.
Rabiu made the projection on Wednesday while addressing journalists after a meeting with President Bola Tinubu at the Presidential Villa in Abuja.
He praised the President’s “bold and decisive” economic reforms, saying the policy changes are already delivering positive results for businesses and the currency.
“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 stated.
The BUA chairman noted that reforms have eased the pressure on the Central Bank of Nigeria, as businesses now access foreign exchange independently through international banking systems and credit cards.
“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 said.
On food prices, Rabiu observed that commodity costs have fallen compared to last year, urging Nigerians to be patient as reforms continue to stabilize 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,” he added.
Rabiu also contrasted the current FX system with the previous regime, which he criticized for creating distortions and forcing companies to lobby for access. He described the new framework as more transparent and business-friendly.
“I was making a joke a few weeks ago that I’ve only seen the current CBN Governor maybe twice since his appointment. That’s because I don’t need him. Before now, I used to visit the CBN every two weeks to lobby for FX. That was the only way to survive,” Rabiu recalled.
