BUA Group President, Abdul Samad Rabiu, has forecast that the naira will appreciate to between ₦1,300 and ₦1,400 per dollar before the year ends.

Speaking with journalists after a meeting with President Bola Tinubu at the Presidential Villa on Wednesday, Rabiu praised the administration’s “bold and decisive” economic reforms, noting that they are already delivering positive impacts on businesses and the currency.

He stated, “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.”

Highlighting the effects of the reforms, the BUA chairman noted that businesses are no longer entirely dependent on the Central Bank of Nigeria for foreign exchange, with many now sourcing FX directly through credit cards and international banking platforms.

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

“Their bold reforms and decisive policies are creating the foundation for a stronger economy, a more stable currency, and a better future for businesses and Nigerians alike,” he added.

On inflation and food costs, Rabiu noted that commodity prices have declined compared to the same period last year.

He urged Nigerians to remain patient as the reforms gradually take hold.

“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.

“So, I think we just need to be a bit more patient. Clearly, things are getting better, and we must continue to support the government,” he noted.

Shortly after his 2023 inauguration, President Tinubu unified and liberalized the foreign-exchange market, allowing the naira to float and merging multiple official FX windows into a single rate.

Earlier in July, Rabiu noted that the CBN’s reforms have removed the need for companies to lobby for foreign exchange.