By Atoyebi Nike
The Chairman of BUA Group, Abdul Samad Rabiu, has forecast that the naira could appreciate to between ₦1,300 and ₦1,400 per dollar before the end of 2025, citing ongoing economic reforms by President Bola Tinubu’s administration.
Rabiu made the projection after meeting with the President at the Presidential Villa, Abuja, on Wednesday. He praised what he called Tinubu’s “bold and decisive reforms”, arguing that the measures have already begun to ease foreign exchange pressures and improve business confidence.
“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 that we should all celebrate,” Rabiu told journalists.
Highlighting the benefits of the current foreign exchange regime, the industrialist said businesses no longer rely exclusively on the Central Bank of Nigeria (CBN) for FX, as many firms now access dollars independently through international banks and credit channels.
He contrasted the present system with the previous multiple exchange windows, which he said created distortions, scarcity, and undue lobbying. “Before now, I used to visit the CBN every two weeks to lobby for FX. That was the only way to survive. Today, I hardly need the CBN Governor, which shows transparency,” Rabiu remarked.
On inflation, he said food prices have declined compared with last year, urging Nigerians to remain patient as reforms continue to take hold. “Clearly, things are getting better, and we must continue to support the government,” he added.
President Tinubu, shortly after taking office in 2023, liberalised the FX market, merging multiple official windows into a single floating rate system a move Rabiu described as pivotal for restoring investor confidence.
