By Jane Okafor, Abuja
President of BUA Group, Abdul Samad Rabiu, has expressed confidence that the naira will gain further strength against the dollar, forecasting an exchange rate of between ₦1,300 and ₦1,400 to the dollar before the 4th quarter of 2025 ends.
Rabiu made the forecast on Wednesday after a meeting with President Bola Ahmed Tinubu at the Presidential Villa, Abuja.
The business mogul commended Tinubu’s economic reforms, describing them as bold and decisive steps that were already working and 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 said that businesses no longer have to rely solely on the Central Bank of Nigeria (CBN) for foreign exchange, as many are currently able to source FX independently, including through credit cards and international banking channels.
He noted that this signals a major a major shift from past reliance on official allocations.
On food prices, Rabiu pointed out that there had been a gradual reduction in commodity prices compared to the previous year, urging Nigerians to be patient as government policies continue to stabilise the economy.
He said, “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.
“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.”
