President of BUA Group, Abdul Samad Rabiu, has projected that the naira will continue to strengthen, expressing confidence that the exchange rate could settle between ₦1,300 and ₦1,400 to the US dollar before the end of the year.
Rabiu made the forecast on Wednesday after a meeting with President Bola Tinubu at the Presidential Villa in Abuja.
He commended the administration’s economic reforms, describing them as bold and decisive moves that were already producing 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.
The billionaire industrialist observed that businesses no longer depend on the Central Bank of Nigeria (CBN) for foreign exchange, as many are now able to source FX independently through credit cards and international banking channels. According to him, this marks a significant departure from the past reliance on official allocations.
“So really, for all of these, we must give full credit to His Excellency and the government,” he stated.
“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,” Rabiu added.
On food prices, the BUA president argued that there had been noticeable reductions compared to last year, urging Nigerians to remain patient as government policies continued 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,” he said.
