Abdul Samad Rabiu predicts naira will strengthen to ₦1,300–₦1,400 per dollar by year-end, praising Tinubu’s bold economic reforms and FX policies

Abdul Samad Rabiu, chairman of BUA Group, has forecast that the naira will strengthen to between ₦1,300 and ₦1,400 against the dollar before the end of the year.

Also read: Naira handling campaign warns against costly currency abuse

Rabiu made the prediction after a meeting with President Bola Tinubu at the Presidential Villa in Abuja on Wednesday, where he applauded the administration’s “bold and decisive” economic reforms.

“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 told reporters.

The BUA chairman explained that reforms in the foreign exchange market have allowed businesses to source dollars independently without relying solely on the Central Bank of Nigeria.

He noted that companies now access FX through credit cards and international banking channels, which has eased pressure on the CBN.

Rabiu also pointed to falling commodity prices as evidence that the economy is beginning to stabilise.

“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,” he said.

He contrasted the current FX regime with the previous system, which he criticised for creating distortions and artificial scarcity.

“Before now, I used to visit the CBN every two weeks to lobby for FX. That was the only way to survive,” Rabiu recalled. “Today, I hardly need to see the CBN governor because the system is more transparent.”

Since taking office in 2023, President Tinubu has pursued sweeping reforms, including the unification of the foreign exchange market and the removal of multiple FX windows.

Also read: Naira abuse conviction shocks fans as tiktoker ‘G-Fresh’, musician Hamisu Breaker jailed by Federal High Court

According to Abdul Samad Rabiu, these changes are already laying the foundation for a stronger economy, a more stable currency, and greater confidence for businesses operating in Nigeria.