The Chairman of BUA Group and prominent Nigerian industrialist, Alhaji Abdul Samad Rabiu, has expressed optimism that the Nigerian currency, the naira, will record a significant recovery before the end of 2025.
He projected that the exchange rate could strengthen to between N1,300 and N1,400 per US dollar by December, a development he described as a welcome relief for both businesses and households.
Rabiu made the statement on Wednesday while speaking with journalists shortly after a meeting with President Bola Ahmed Tinubu at the Presidential Villa in Abuja.
According to him, the current administration’s reforms in the financial sector and foreign exchange market have started yielding results, as businesses now have more direct access to dollars without relying solely on the Central Bank of Nigeria (CBN).
He explained that this shift has improved stability in the FX market and created a more predictable environment for investors and traders.
“I expect that the rate should come down to maybe N1,300 or N1,400 before the end of the year. And this is something that we should all celebrate,” Rabiu stated.
Turning to the issue of food prices, the billionaire businessman observed that Nigerians are already beginning to experience relief compared to the harsh economic realities of 2024.
He noted that the prices of essential commodities have moderated across the country in recent months, pointing to evidence of economic progress.
“If you look at the prices of food items last year and what we have today, you’ll see that there is a significant reduction in all commodities and prices of food items,” he said, stressing that sustained reforms could further bring down inflation and ease the burden on citizens.
Supporting his claims, recent data from the National Bureau of Statistics (NBS) showed that Nigeria’s inflation is gradually easing. For August 2025, headline inflation dropped to 21.12 per cent, while food inflation stood at 21.87 per cent — both notable improvements from last year’s figures that had soared above 30 per cent in some months.
On Wednesday, market reports confirmed the naira’s ongoing appreciation.
In the parallel (black) market, the currency strengthened to N1,490 per dollar, while the official exchange rate closed at N1,488.56.
These are the strongest levels recorded in over a year, further fueling hopes that Rabiu’s projection may be achieved if reforms and investor confidence are maintained.
Economists say that if the naira continues on this positive trajectory, Nigerians could experience greater price stability in imported goods, cheaper raw materials for manufacturers, and improved living conditions for the average household.