The Chairman of BUA Group, Abdul Samad Rabiu, has projected a major rebound for the naira, predicting it could strengthen to between ₦1,300 and ₦1,400 against the US dollar before the end of 2025.
Rabiu made the forecast on Wednesday after a high-level meeting with President Bola Tinubu at the Presidential Villa, Abuja.
According to him, the president’s ongoing economic reforms are beginning to yield tangible results that point towards a more stable foreign exchange market and improved investor confidence.
“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 stated.
📊 Independent FX Sourcing
The BUA boss highlighted that Nigerian businesses no longer rely heavily on the Central Bank of Nigeria (CBN) for foreign exchange supply. Many firms, he explained, now access FX independently through credit cards and international banking channels.
He stressed that this marks a decisive shift from past dependence on official allocations, noting that the private sector is now adapting to global financial practices.
“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.
🍲 Food Prices and Cost of Living
On food prices, Rabiu noted a decline in the cost of major commodities compared to the previous year. He urged Nigerians to exercise patience as the government’s policies 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,” he said.
His remarks come at a time when Nigerians are closely monitoring the naira’s performance and inflation trends, with expectations that fiscal and monetary reforms could bring more relief before the year closes.
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