Abdul Samad Rabiu, Chairman of BUA Group, expressed confidence in Nigeria’s economic future, predicting the naira could appreciate to ₦1,300–₦1,400 per US dollar by the end of 2025.
Following a meeting with President Bola Ahmed Tinubu at Aso Villa on Wednesday, Rabiu attributed the expected currency strengthening to robust fiscal policies, growing market trust, and reduced dependence on Central Bank forex interventions.
“The exchange rate has continued to improve. Naira is trading below N1,500 today, and I’m confident it will strengthen even further. I expect that the rate should come down to maybe N1,300 to N1,400 before the end of the year. This is something we should all celebrate,” Rabiu stated.
He praised the Central Bank of Nigeria’s shift, noting that businesses now access foreign exchange independently through global banking networks, including for international ATM and credit card transactions.
Rabiu also highlighted government policies improving food affordability, citing BUA’s initiative to reduce rice prices from over ₦100,000 to ₦50,000 per bag earlier this year.
“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.”
He credited President Tinubu’s duty waivers on essential food items for lowering import costs and stabilising local supply chains.
“We must acknowledge and appreciate His Excellency for these waivers. They have contributed greatly in making this possible,” Rabiu added.
Rabiu emphasised that bold reforms are fostering a stronger economy, a more stable naira, and a brighter future for Nigerian businesses and citizens.
On Tuesday, the naira closed at ₦1,493.2 per dollar in the official market, slightly weaker than ₦1,491.49 on Monday and ₦1,488 on Friday, per CBN data. In the parallel market, it traded at ₦1,521.5 on Tuesday, down from ₦1,518 on Monday, widening the gap between official and black-market rates.
