Abdul Samad Rabiu, founder and chairman of BUA Group, has expressed optimism that the naira will continue to appreciate against the United States dollar, projecting that the exchange rate could settle between ₦1,300 and ₦1,400 by December.
Rabiu gave the forecast on Wednesday while speaking with journalists after meeting President Bola Tinubu at the Presidential Villa in Abuja.
Commending the administration’s economic policies, the industrialist described Tinubu’s reforms as “bold and decisive,” noting that they are beginning to yield tangible results for businesses and the wider economy.
“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,” he said.
According to him, policy changes in the foreign exchange market have reduced pressure on the Central Bank of Nigeria (CBN), as businesses can now access FX through multiple channels, including credit cards and international banks.
Rabiu stressed that these reforms have created a more transparent and efficient system compared to the previous regime, which, he argued, fostered distortions by keeping the official rate far below the parallel market.
Sharing his personal experience, he remarked: “Before now, I used to visit the CBN every two weeks to lobby for FX. That was the only way to survive. But today, I hardly need to go there. Businesses can source their own foreign exchange.”
On inflation and food prices, the BUA boss maintained that commodities are cheaper than they were a year ago, urging Nigerians to remain patient as the reforms continue to take root.
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“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.
President Tinubu, shortly after assuming office in 2023, collapsed multiple FX windows into a unified, liberalised system, allowing the naira to float freely.
The move was intended to curb distortions in the market and improve transparency.
Rabiu has previously hailed the reforms, insisting that they have eliminated the culture of lobbying for foreign exchange access, which disadvantaged many businesses in the past.