Abdul Samad Rabiu, president of BUA Group, has predicted that the naira will strengthen to between ₦1,300 and ₦1,400 to the dollar by the end of the year.
Rabiu stated this while addressing journalists shortly after a meeting with President Bola Tinubu at the Presidential Villa in Abuja on Wednesday.
Praising what he described as President Tinubu’s “bold and decisive” economic reforms, Rabiu said the policy changes are already yielding positive results for businesses and the currency.
He stated, “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.”
Explaining the impact of recent reforms, the BUA chairman noted that businesses no longer rely solely on the Central Bank of Nigeria for foreign exchange, as many are now able to source FX independently through credit cards and international banking channels.
“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 added.
On inflation and food costs, Rabiu said commodity prices have fallen compared with last year.
He encouraged patience as the reforms continue to take effect.
“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,” the BUA chairman said.
Shortly after his inauguration in 2023, Tinubu unified and liberalised the foreign-exchange market to let naira float, and collapsing multiple official FX windows into a single rate.
Earlier in July this year, Rabiu said the CBN’s reforms have eliminated the need for companies to lobby for FX.
He criticised the previous FX system, where the official rate was significantly lower than the parallel market rate, noting that it created distortions and limited access for many businesses.
He described the current FX regime as more transparent, contrasting it with previous practices that, according to him, created an artificial scarcity and forced companies to seek favours to access dollars.
“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 said.
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