Alhaji Abdul Samad Rabiu, Nigerian billionaire businessman and Chairman of the BUA Group, predicts the Naira will settle at between N1,300 and N1,400 per dollar by the end of December 2025. This projection follows recent signs of stability in the foreign exchange market.
He shared this optimistic forecast with journalists. This happened after he met with President Bola Ahmed Tinubu at the presidential villa on Wednesday. Rabiu specifically praised the President’s “bold and decisive” economic reforms. He emphasized that these policy changes have significantly eased the cost of doing business in Nigeria.
The End of FX Lobbying
A key dividend of the reforms, Rabiu explained, is the newfound financial independence for businesses. He added that companies no longer rely on the Central Bank of Nigeria (CBN) for foreign exchange. “The reliance or need for foreign exchange from the Central Bank has virtually disappeared,” he stated. He noted that private operators now access FX abroad easily through credit cards and international banking channels. This market-driven liquidity directly suggests improved FX stability and greater transparency.
“I expect that the exchange rate is going to strengthen even further,” Rabiu asserted. “I expect that the rate should come down to maybe N1,300 or N1,400 before the end of the year. We should all celebrate this.”
Rabiu also highlighted positive trends in commodity markets. He stated that commodity and food prices have moderated significantly in 2025 compared to the previous year. “If you look at the prices of food items last year and what we have today, you’ll see a significant reduction in all commodities,” he added. He urged Nigerians to show patience as the benefits of the reforms fully manifest.
The National Bureau of Statistics (NBS) inflation data for August 2025 corroborated this trend. The report showed a drop in both headline and food inflation to 21.12 per cent and 21.87 per cent, respectively.
Following Rabiu’s comments and market sentiment, the Naira strengthened to N1,490 per dollar at the black market on Wednesday. The official market rate stood closely behind at N1,488.56. The convergence between the two market rates strongly indicates the effectiveness of the recent monetary policies.
