Naira Expected to Strengthen to ₦1,400 Before Year Closes — BUA Boss

Abdul Samad Rabiu, Chairman of BUA Group, has forecast that the naira will appreciate to between ₦1,300 and ₦1,400 to the dollar before the end of the year.

Rabiu made this prediction while speaking with journalists after a meeting with President Bola Tinubu at the Presidential Villa in Abuja on Wednesday.

He commended the President’s “bold and decisive” economic reforms, saying they are beginning to yield tangible results for both businesses and the national currency.

“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 we should all celebrate,” he said.

The BUA chief explained that companies now have more flexibility in sourcing foreign exchange, as many can access funds through credit cards and international banking channels without depending solely on the Central Bank of Nigeria.

He credited the government’s policy direction with laying the foundation for a stronger economy and more stable currency. On inflation, Rabiu observed that the cost of key food items has declined compared to last year, encouraging Nigerians to be patient 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,” he said.

Since assuming office in 2023, President Tinubu has implemented reforms including the unification and liberalisation of the foreign exchange market, merging multiple FX windows into a single rate and allowing the naira to float.

In July, Rabiu had also highlighted that these changes removed the need for companies to lobby for forex access, contrasting it with the previous system that created distortions and restricted access.

“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,” he remarked.