Chairman of BUA Group and billionaire businessman, Alhaji Abdul Samad Rabiu, says the naira could strengthen to between ₦1,300 and ₦1,400 per dollar before January 2026.
Rabiu made the projection after a meeting with President Bola Tinubu at the Presidential Villa, Abuja, on Wednesday.
He praised Tinubu’s “bold and decisive” economic reforms, saying they are already delivering results for businesses and the currency.
“I expect that the exchange rate is going to strengthen even further. The rate should come down to maybe ₦1,300 or ₦1,400 before the end of the year. This is something we should all celebrate,” Rabiu said.
The BUA boss explained that businesses no longer rely solely on the Central Bank of Nigeria (CBN) for foreign exchange, as many now have access through credit cards and international banking channels.
According to him, food and commodity prices have also dropped compared to last year, an early sign that inflationary pressures are easing.
“If you look at food prices today compared to last year, you’ll see a significant reduction. Things are getting better, and we must continue to support the government,” he added.
The naira recently appreciated to ₦1,497.46 per dollar at the official FX market, continuing a steady rise since the beginning of September. CBN Governor Olayemi Cardoso also announced new measures to make access to foreign exchange easier for Nigerians.