Naira to Hit ₦1,300/$, We Must Credit Tinubu’s Reforms, Says BUA President

The President of the BUA Group, Abdul Samad Rabiu, has projected a major strengthening of the Nigerian Naira, forecasting an exchange rate of between ₦1,300 and ₦1,400 to the US dollar before the end of the year.

He directly attributed this positive outlook to the reforms implemented by President Bola Tinubu’s administration.

Rabiu made these comments on Wednesday following a meeting with President Tinubu at the Presidential Villa in Abuja, where he commended what he described as the government’s “bold reforms and decisive policies.”

“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,” the prominent businessman stated.

Crucially, Rabiu argued that a fundamental shift has occurred in how businesses operate, moving away from dependence on the Central Bank of Nigeria for foreign exchange. He noted that many companies can now source FX independently through international banking channels and even credit cards, a development he sees as a sign of a maturing and stabilising economy.

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

Addressing the persistent issue of high food prices, the BUA founder urged for patience, maintaining that there has already been a noticeable reduction in the prices of commodities compared to the previous year. He expressed confidence that the situation would continue to improve as government policies further stabilise the economy.

“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. “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.”

Rabiu’s optimistic projection and strong attribution of credit to the government’s policies provide a notable business perspective on the country’s economic trajectory. His comments are likely to be seen as a significant boost for the administration as it seeks to build confidence in its economic management.