Tinubu’s reforms ending businesses’ reliance on CBN for forex – BUA chairman

…Predicts naira’s exchange against dollar to settle at N1,300 towards year-end

PRESIDENT of BUA Group, Alhaji Abdul Samad Rabiu, on Wednesday declared that President Bola Tinubu’s bold economic reforms are responsible for reducing the cost of doing business in Nigeria and stabilising access to foreign exchange.

He also said that reliance on the Central Bank of Nigeria, CBN, for forex by businesses has “virtually disappeared.”

Rabiu, who spoke with State House correspondents journalists at the Presidential Villa, Abuja, after meeting with President Tinubu, expressed optimism that the exchange rate would continue to strengthen, predicting that the naira could appreciate to between ₦1,300 and ₦1,400 to the dollar before the end of 2025.

He said: “I expect that the exchange rate is going to strengthen even further. I expect that the rate should come down to maybe ₦1,300, ₦1,400 before the end of the year. And this is something that we should all celebrate.”

He explained that recent monetary reforms and liberalisation measures 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.

“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 told journalists.

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 “a stronger economy, a more stable currency, and a better future for businesses and Nigerians alike.”

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

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

“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,” he said.

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.