As Inflation Moderates Nigerian billionaire and Chairman of the BUA Group, Alhaji Abdul Samad Rabiu, has offered a highly optimistic forecast for the Naira and the nation’s economy, predicting a significant appreciation of the currency and a further reduction in food prices by the end of December 2025. Following a meeting with President Bola Ahmed Tinubu at the Presidential Villa, Rabiu expressed confidence in the administration’s economic reforms, which he credits with bringing stability to the foreign exchange (FX) market. Key Forecasts and Economic Data Naira Appreciation: Rabiu expects the Naira to stabilize and appreciate to between \text{₦}1,300 and \text{₦}1,400 per US dollar before the end of December 2025. Current FX Rates (September 25, 2025): The Naira had strengthened to \text{₦}1,490 per dollar at the black market, while the official market rate stood at \text{₦}1,488.56. FX Stability: The BUA chairman commended the reforms, noting that businesses no longer rely solely on the Central Bank of Nigeria (CBN) for foreign exchange, which suggests a path to greater market stability. Food Price Reduction: Rabiu stated that the prices of food items and commodities have “significantly moderated” in 2025 compared to the previous year. Inflation Data: This view is supported by the National Bureau of Statistics (NBS) data for August 2025, which showed a drop in both headline and food inflation to 21.12 per cent and 21.87 per cent, respectively. Rabiu called the projected FX appreciation and the reduction in commodity prices something “we should all celebrate,” indicating a belief that the worst of the economic turbulence has passed.
