BUA chairman predicts naira to hit N1,300/$ by year-end

By Kunle Sanni –

Chairman of BUA Group, Abdul Samad Rabiu, has expressed optimism that the naira will appreciate further against the dollar before the end of 2025, predicting a rate of between N1,300 and N1,400 per dollar.

Rabiu made the forecast on Wednesday after a meeting with President Bola Tinubu at the State House, Abuja.

“I expect that the rate should come down to maybe N1,300 to N1,400 before the end of the year, and this is something we should all celebrate,” he told journalists.

He attributed the positive outlook to recent policy actions of the Central Bank of Nigeria (CBN), noting that businesses no longer depend on the apex bank for foreign exchange.

“The reliance or need for foreign exchange from the Central Bank has virtually disappeared, and companies are now able to access FX abroad using ATMs and credit cards,” he said.

Rabiu credited the Tinubu administration for driving what he described as bold reforms and decisive policies that are stabilising the economy.

According to him, food prices have also begun to ease compared to last year. “If you look at prices of food items last year and what we have today, you will see that there is a significant reduction,” he noted, urging Nigerians to remain patient as reforms take root.

The BUA chairman stressed that the current trajectory shows the economy is moving towards stability, adding that businesses and citizens alike stand to benefit from the progress.

His comments come as the naira appreciated to N1,497.46 per dollar at the official foreign exchange market on September 15, continuing a steady gain recorded since the start of the month.