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.
“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.
“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 regarded the improvements as encouraging and emphasised that the Tinubu government deserves all the credit for the accomplishment.
“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.
He added that there has been a notable decrease in food item prices.
“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.”
The naira has been steadily increasing since the start of the month, reaching N1,497.46 per dollar on the official FX market on September 15.
Olayemi Cardoso, the CBN’s governor, stated a week later that the bank is making it easier for Nigerians to obtain foreign exchange (FX).
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