BUA Chairman Predicts Naira Strengthening to N1,300/$ by End of 2025

Abdul Samad Rabiu, Chairman of BUA Group, has projected a significant recovery for the Nigerian naira, estimating that the currency could appreciate to between N1,300 and N1,400 per US dollar before the end of 2025. His remarks came after a strategic meeting with President Bola Ahmed Tinubu at the Aso Villa, where he praised recent fiscal reforms and growing market confidence.

Rabiu attributed the expected currency gains to reduced reliance on Central Bank foreign exchange interventions and the ability of businesses to source forex independently through global banking channels, including ATM and credit card access abroad. He noted that the naira was already trading below N1,500 and expressed confidence in further strengthening.

In addition to currency matters, Rabiu highlighted the impact of government policies on food prices. He referenced BUA’s earlier initiative to cut the price of rice from over ₦100,000 per bag to ₦50,000, which he said triggered a broader reduction in the cost of staple foods such as flour, pasta, macaroni, semolina, and others. He credited the Tinubu administration for granting duty waivers on key food items, which helped reduce import costs and stabilize supply chains.

Rabiu emphasized that Nigeria’s economic recovery is being driven by bold reforms and decisive policies that are laying the foundation for long-term growth. He expressed optimism about the future of Nigerian businesses and the broader economy, citing improved investor confidence and structural changes aimed at boosting productivity and reducing inflation.

As of Tuesday, the naira closed at N1,493.2 per dollar in the official market, following the conclusion of the Central Bank of Nigeria’s 302nd Monetary Policy Committee meeting. This marked a slight depreciation from N1,491.49 on Monday and N1,488 on Friday. In the parallel market, the naira traded at N1,521.5 per dollar, widening the gap between official and informal exchange rates.