Chairman of BUA Group Abdul Samad Rabiu, has forecasted a stronger naira, expecting the exchange rate to improve to between ₦1,300 and ₦1,400 per US dollar before the end of 2025.
Rabiu shared this optimistic outlook during a press briefing at the State House on Wednesday, shortly after his meeting with President Bola Tinubu.
“I anticipate the naira will appreciate to around ₦1,300 to ₦1,400 by year-end, which is a development we should all welcome,” Rabiu said.
He highlighted that businesses today have less dependence on foreign exchange from the Central Bank of Nigeria (CBN). “The need for FX from the CBN has almost disappeared. Companies can now access dollars abroad using ATMs and credit cards,” he added, describing these changes as positive indicators of economic progress.
Rabiu gave full credit to the Tinubu administration for driving the reforms responsible for this turnaround. “Bold policies and decisive reforms are laying the groundwork for a stronger economy, a more stable currency, and a better future for both businesses and Nigerians,” he said.
The BUA chairman also pointed out a significant drop in food prices compared to last year, attributing the relief to improved market conditions. “If you compare current food prices to those last year, you will notice a considerable reduction across the board,” he explained.
He urged Nigerians to remain patient and continue supporting the government’s agenda, emphasizing the role of President Tinubu’s leadership in the ongoing economic recovery.
The naira recently appreciated to ₦1,497.46 per dollar at the official foreign exchange market as of September 15, continuing a steady gain since the start of the month.
Meanwhile, CBN Governor Olayemi Cardoso has reiterated the bank’s commitment to making foreign exchange more accessible for Nigerians, signaling further improvements ahead.
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