Abdul Samad Rabiu, the chairman of BUA Group, has predicted that the naira will appreciate between N1,300 per dollar and N1,400/$ by year end.
He made the projection on Wednesday while speaking with journalists at the State House after meeting President Bola Tinubu.
“I expect that the rate should come down to maybe N1,300 to N1,400 before the end of the year and this is something that we should all celebrate,” Rabiu said.
“If I may add, you have seen that the Central Bank of Nigeria (CBN) is doing quite a lot and businesses today do not actually need foreign exchange from the CBN.
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“The reliance or need for foreign exchange from the Central Bank has virtually disappeared and of course, we also know that companies and businesses alike are able to get FX abroad using the ATM and credit cards.”
He described the developments as positives, stressing that full credit should go to the Tinubu administration for the achievement.
“There are bold reforms and decisive policies creating the foundation for a stronger economy, a more stable currency, and a better future for businesses and Nigerians alike,” the BUA chairman said.
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He further noted that the prices of food items have dropped significantly.
“If you look at prices of food items last year and what we have today, you see that there is a significant reduction in all commodities prices of food items,” Rabiu 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 and we owe this progress to the vision and leadership of His Excellency, President Bola Tinubu.”
On September 15, the naira appreciated to N1,497.46 per dollar at the official FX market, after appreciating steadily since the beginning of the month.
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A week later, Olayemi Cardoso, governor of the CBN, said the bank is enhancing the ease of access to foreign exchange (FX) for Nigerians.
