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The Chairman of BUA Group, Abdul Samad Rabiu, has predicted that the naira could strengthen to a rate of between N1,300 and N1,400 against the US dollar before the end of the year.
Rabiu stated this while speaking to journalists after he met with President Bola Tinubu at the Presidential Villa in Abuja on Wednesday. He praised the President’s “bold and decisive” economic policies, noting that the reforms are already yielding positive outcomes for both businesses and the national currency.
“I expect the exchange rate to strengthen further, likely settling around N1,300 to N1,400 before year-end. This is a development we should all celebrate,” Rabiu said.
Rabiu explained that businesses now have easier access to foreign exchange through international banking channels and credit cards, reducing the burden on the Central Bank of Nigeria.
Highlighting falling food and commodity prices compared to last year, the BUA boss urged Nigerians to remain patient as the reforms continue to take hold.
He commended the government for creating a more transparent foreign-exchange system, describing it as a break from past practices that fostered scarcity and forced companies to lobby for dollars.
The chairman reiterated that the ongoing reforms lay the foundation for a stronger economy and a more stable future. (TVC NEWS)
