BUA chairman says naira may appreciate between ₦1,300/$ before year-end
Abdul Samad Rabiu, BUA Group Chairman, has predicted that the naira could strengthen to between ₦1,300 and ₦1,400 per US dollar by the end of 2025.
Speaking after a strategic meeting with President Bola Ahmed Tinubu at the Aso Villa on Wednesday, Rabiu linked the anticipated gains to bold fiscal reforms, improved market confidence, and reduced reliance on Central Bank of Nigeria (CBN) interventions.
“The exchange rate has continued to improve. Naira is trading below ₦1,500 today, and I’m confident it will strengthen even further. I expect that the rate should come down to maybe ₦1,300 to ₦1,400 before the end of the year. This is something we should all celebrate,” he said.
Rabiu commended the CBN for allowing businesses to access foreign exchange through global banking channels, including ATMs and credit cards abroad.
Falling food prices
He also highlighted how government policies are helping to ease food costs, recalling BUA’s move earlier this year to cut the price of rice from over ₦100,000 per bag to ₦50,000.
“Since then, prices of several food items have followed that positive trend,” he said. “Products such as flour, pasta, macaroni, semolina, and others that we produce have seen significant price reductions from what they were last year.”
Rabiu credited Tinubu’s administration for granting duty waivers on key food imports, which he said helped lower costs and stabilise supply chains.
“We must acknowledge and appreciate His Excellency for these waivers. They have contributed greatly in making this possible,” he added.
Optimism in the private sector
The billionaire businessman stressed that Nigeria’s economic recovery is being driven by “bold reforms and decisive policies” that are laying the foundation for long-term growth, a stable currency, and greater investor confidence.
“There are bold reforms and decisive policies creating the foundation for a stronger economy, a more stable currency, and a better future for businesses and Nigerians alike,” he said.
His remarks reflect growing optimism among private sector leaders as the government continues to implement structural reforms aimed at boosting productivity, reducing inflation, and strengthening the naira.
On September 15, the currency traded at ₦1,497.46 to the dollar at the official foreign exchange market, after weeks of steady appreciation.
A week later, CBN Governor Olayemi Cardoso announced that the apex bank was working to improve Nigerians’ access to foreign exchange.
