Speaking with State House correspondents after a meeting with the President at the Presidential Villa, Abuja, Rabiu said the long-standing dependence of businesses on the Central Bank of Nigeria (CBN) for forex had “virtually disappeared.”
He expressed optimism that the naira would continue to strengthen, projecting that the exchange rate could settle between ₦1,300 and ₦1,400 per dollar before the end of 2025.
“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,”Rabiu said.
According to him, monetary reforms and liberalisation measures implemented by the Tinubu administration have enabled businesses to source forex independently through commercial banks, credit cards, and international payment systems.
“Businesses today do not actually need foreign exchange from the Central Bank of Nigeria. The reliance or need for forex from the CBN has virtually disappeared. Companies are now able to get FX abroad using ATMs and credit cards. These are all positives,” he added.
Rabiu emphasised that the government deserved full credit for these gains, noting that Tinubu’s policies were laying the foundation for a stronger economy, a more stable currency, and better conditions for both businesses and citizens.
On food security, the BUA chairman argued that prices were already showing signs of moderation, citing his company’s interventions in the rice market 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. We just need to be a bit more patient, clearly things are getting better, and we must continue to support the government,” he stated.
Rabiu concluded by urging Nigerians and the business community to sustain their support for Tinubu’s economic agenda, insisting that the current progress was evidence of the administration’s vision and leadership.
