Naira Will Appreciate to N1,400/$ by December - BUA Boss Forecasts

President of BUA Group, Abdul Samad Rabiu, has projected that the naira could appreciate to between ₦1,300 and ₦1,400 per dollar before the end of the year.

Rabiu made the prediction on Wednesday while speaking with journalists after a meeting with President Bola Tinubu at the Presidential Villa, Abuja.

He commended Tinubu’s economic policies, describing them as bold decisions that are already yielding gains for businesses and the national currency.

“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,” he said.

The industrialist explained that companies are no longer dependent on the Central Bank of Nigeria for foreign exchange, as they can now access FX through credit cards and global banking channels. 

“So really, for all of these, we must give full credit to His Excellency and the government,” he added.

On inflation, Rabiu noted that food prices have declined compared to last year, urging Nigerians to remain patient as the reforms take firmer root. 

“If you look at the prices of food items last year and what we have today, you’ll see that there is a significant reduction in all the commodities,” he said.

Rabiu has been consistent in his support for the reforms, recalling in July that the liberalisation of the forex market eliminated distortions caused by multiple exchange windows and ended the need for lobbying to access dollars.