According to BUA Group chairman Abdul Samad Rabiu, the naira will gain between N1,300 and N1,400 per dollar by the end of the year.
Speaking to reporters at the State House on Wednesday following his meeting with President Bola Tinubu, he made the prediction.
“I think we should all celebrate when the rate drops to maybe N1,300 to N1,400 before the year ends,” Rabiu stated.
Businesses nowadays do not genuinely require foreign exchange from the Central Bank of Nigeria (CBN), as you have observed, if I may add.
“The need or dependence on foreign exchange from the Central Bank has all but vanished, and we are aware that businesses can obtain foreign exchange using credit cards and ATMs.”
He characterized the improvements as encouraging and emphasized that the Tinubu administration deserves all the credit for the accomplishment.
“A stronger economy, a more stable currency, and a better future for businesses and Nigerians alike are being created by bold reforms and decisive policies,” the chairman of the BUA stated.
He added that there has been a notable decrease in food item prices.
“There is a significant reduction in all commodities prices of food items if you compare the prices of food items last year with what we have today,” Rabiu stated.
Therefore, I believe we simply need to exercise a little more patience. It is obvious that things are improving, and we must keep helping the administration. His Excellency President Bola Tinubu’s vision and leadership are responsible for this improvement.
After increasing gradually since the start of the month, the naira reached N1,497.46 per dollar on September 15 in the official FX market.
A week later, CBN Governor Olayemi Cardoso announced that the bank is making it easier for Nigerians to obtain foreign exchange (FX).
