Abdul Samad Rabiu, Chairman of BUA Group, has put the value of the naira at a further increase to between ₦1,300 and ₦1,400 against the dollar by the year’s end.
Rabiu made the forecast on Wednesday after a meeting with President Bola Tinubu at the Presidential Villa, Abuja, during which he lauded the economic reforms of the government as bold and courageous steps already yielding fruits.
“I foresee that the exchange rate will further appreciate. I foresee that the rate will fall to maybe ₦1,300, ₦1,400 towards the end of the year. And that is something that we must all celebrate,” he further added.
The BUA chairman admitted that businesses now source foreign exchange independently via credit cards and global banking facilities without relying on the Central Bank of Nigeria (CBN) for allotments, referring to this as a major deviation from earlier protocols.
He credited the government with laying the groundwork for a strong economy, stable currency, as well as better prospects for businesses and citizens.
On the prices of food, Rabiu asserted that commodity prices had dipped below last year, urging Nigerians to remain patient as reforms take a deeper bite. “Clearly, things are getting better and we need to remain with the government,” he said.
