Rabiu: Era of Businesses Relying on CBN for Forex Now over with Tinubu’s Reforms

•Predicts Naira’ll exchange to dollar at N1,300 before end of 2025

Deji Elumoye in Abuja

President of BUA Group, Alhaji Abdul Samad Rabiu, has hailed President Bola Tinubu’s economic reforms for easing the cost of doing business in Nigeria and stabilising access to foreign exchange.

Rabiu also stated that reliance on the Central Bank of Nigeria (CBN) for forex by businesses had “virtually disappeared”.

The business mogul made the observations when he spoke with newsmen at State House, Abuja, on Wednesday, after a closed-door meeting with Tinubu.

Rabiu expressed optimism that the exchange rate would continue to stabilise, predicting that the naira could appreciate to between N1,300 and N1,400 to the dollar before the end of 2025.

He stated, “I expect that the exchange rate is going to strengthen even further. I expect that the rate should come down to maybe N1,300, N1,400 before the end of the year. And this is something that we should all celebrate.”

He explained that recent monetary reforms and liberalisation measures has eliminated the need for businesses to depend on the CBN for foreign exchange, saying private operators now have greater access to FX abroad through banking channels, credit cards, and international payment systems.

He said, “If 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.

“The 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.”

Rabiu said the federal government deserved credit for the improvements, stressing that the decisive policies of the Tinubu administration are laying the foundation for “a stronger economy, a more stable currency, and a better future for businesses and Nigerians alike”.

On food prices, the BUA chairman maintained that conditions were gradually improving, with clear signs of reduction in the cost of key commodities.

He cited his company’s interventions in the rice market last year as an example of how private sector efforts were complementing government reforms.

He stated, “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 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.”

Rabiu insisted that the progress being witnessed in the economy stemmed from the vision and leadership of Tinubu, urging Nigerians and businesses to sustain their support for ongoing reforms.