Rabiu Forecasts Naira Appreciation to N1,300 per Dollar Before Year-End

The chairman of BUA Group, Abdul Samad Rabiu, has forecast that by the end of the year, the value of the naira will increase by between N1,300 and N1,400 per dollar.

After meeting with President Bola Tinubu, he made the prediction on Wednesday while addressing reporters at the State House.

Rabiu stated, “I think we should all celebrate when the rate drops to maybe N1,300 to N1,400 before the year ends.”

As you may have noticed, the Central Bank of Nigeria (CBN) is accomplishing a lot, and companies nowadays don’t really require foreign exchange from the CBN.

“There is no longer any need or dependence on the Central Bank for foreign exchange, and we are aware that businesses can obtain foreign exchange using credit cards and ATMs.”

He emphasized that the Tinubu administration deserves all the credit for the accomplishment and characterized the developments as favorable.

According to the BUA chairman, “bold reforms and decisive policies are laying the groundwork for a stronger economy, a more stable currency, and a better future for businesses and Nigerians alike.”

Additionally, he pointed out that food prices have drastically decreased.

Rabiu stated, “If you compare the prices of food items from the previous year to the current prices, you can see that there is a significant reduction in all commodities prices of food items.”

We simply need to exercise a little more patience, in my opinion. The administration is undoubtedly improving, and we must keep supporting it. His Excellency President Bola Tinubu’s vision and leadership are responsible for this progress.

After increasing gradually since the start of the month, the naira reached N1,497.46 per dollar on the official foreign exchange market on September 15.

The governor of the CBN, Olayemi Cardoso, stated a week later that the bank is making it easier for Nigerians to obtain foreign exchange (FX).