President of BUA Group, Alhaji Abdul Samad Rabiu, has credited President Bola Ahmed Tinubu\u2019s bold economic reforms with easing the cost of doing business and stabilising access to foreign exchange, noting that reliance on the Central Bank of Nigeria (CBN) for forex by businesses has \u201cvirtually disappeared.\u201d<\/p>\n
Rabiu, who spoke with journalists at the State House, Abuja, on Wednesday after meeting President Tinubu, expressed optimism that the exchange rate would continue to strengthen, predicting that the naira could appreciate to between \u20a61,300 and \u20a61,400 to the dollar before the end of 2025.<\/p>\n
\u201cI expect that the exchange rate is going to strengthen even further. I expect that the rate should come down to maybe \u20a61,300, \u20a61,400 before the end of the year. And this is something that we should all celebrate,\u201d he said.<\/p>\n
He explained that recent monetary reforms and liberalisation measures have eliminated the need for businesses to depend on the CBN for foreign exchange, while private operators now have greater access to FX abroad through banking channels, credit cards, and international payment systems.<\/p>\n
\u201cIf I may add, you have seen that the CBN is doing quite a lot, and businesses today do not actually need foreign exchange from the Central Bank of Nigeria.\u00a0<\/p>\n
\u201cThe 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. These are all positives,\u201d Rabiu told journalists.<\/p>\n
The BUA chairman said the government deserved full credit for these improvements, stressing that the decisive policies of the Tinubu administration were laying the foundation for \u201ca stronger economy, a more stable currency, and a better future for businesses and Nigerians alike.\u201d<\/p>\n
On food prices, Rabiu maintained that conditions were gradually improving, with clear signs of reduction in the cost of key commodities.\u00a0<\/p>\n
He cited BUA\u2019s interventions in the rice market last year as an example of how private sector efforts were complementing government reforms.<\/p>\n
\u201cIf you look at the prices of food items last year and what we have today, you\u2019ll see that there is a significant reduction in all the commodities, prices of food items. 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,\u201d he said.<\/p>\n
Rabiu insisted that the progress being witnessed in the economy stemmed from the vision and leadership of President Tinubu, urging Nigerians and businesses to sustain their support for ongoing reforms.<\/p>\n","protected":false},"excerpt":{"rendered":"President of BUA Group, Alhaji Abdul Samad Rabiu, has credited President Bola Ahmed Tinubu\u2019s bold economic reforms with…\n","protected":false},"author":2,"featured_media":180762,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[107021,28,101],"class_list":["post-180761","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-alhaji-abdul-samad-rabiu","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/180761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=180761"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/180761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/180762"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=180761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=180761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=180761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}