BUA Chairman, Abdulsamad Rabiu Predicts When Dollar Will Exchange Below ₦1,000, Crash Of Commodity Prices

The Chairman of BUA Group, AbdulSamad Rabiu, has submitted that he expects the US dollar to exchange below ₦1,000 in the coming days.

The billionaire businessman said the prices of commodities in the country will soon drop as well as the naira continues to strengthen against the US Dollar.

Naija News reports he made the submission while speaking with newsmen after visiting President Bola Tinubu in Lagos.

The BUA founder commended President Tinubu and the Central Bank of Nigeria (CBN) for their efforts in stabilising the exchange rate, and also lauded the collaborative efforts between the government and the private sector in advancing economy recovery.

“The collaboration between the government and the private sector to hasten the economic recovery is doing very well.

“The biggest issue had always been foreign exchange; you know everything in Nigeria is in the debt of foreign exchange. At a time, it was almost N1900/$, but today, the rate is coming down to almost ₦1,200/$.

“We knew then that the high rate was due to many factors, including speculation and manipulation, and a lot of people were actually commercializing their dollar.

“We knew that the reform was not going to be easy, it was frosty at the beginning, but now, it is much calmer and I expect that the exchange rate to be below N1000/$.

“We must commend His Excellency, President Tinubu, and the CBN on what they have done and achieved. If the exchange rate is down to where a lot of people can afford it, things will be better,” he stated.

On the prices of commodities in the market, Rabiu predicted that the downward prices will continue in the coming months as the price of diesel reduces, particularly with the coming on board of Dangote Refinery.

“A lot of companies may have bought things and goods when the rate was higher, so it will take a bit of time before things fizzle out, so I expect that in a few months’ time, you will see that prices will definitely come down.

“For example, the price of diesel a few days back was N1700 per liter, but today, it’s about, ₦1,200 to a liter

“As a matter of fact, we bought diesel from Dangote Refinery on Monday below N1200/Liter for our transport and operations. We bought quite a lot and definitely, prices will continue to go down.

“I know that Dangote gave us a lower price because of our relationship but that goes to show that prices are coming down and I’m sure and confident that things will continue to come down so we need to be a bit more patient, things are taking shape. The Government has done very well,” he said.

He added that the government must be commended for managing the exchange rate well with the convergence of exchange rates in Nigeria. He called on Nigerians to be patient, saying the reforms embarked upon by the government will bear productive results.

“This is the first time in over 30 years that I have seen one exchange rate in Nigeria, so it’s really commendable and I believe that in a few months, we will see things going back to normal.

“We all need to come together and support the government and her policies. The government means well but we need to be patient.

“These reforms will take time, it is not easy and it is not something that can be done in one day, so we are working together, especially, now that Mr. President has established a Committee, comprising the government and the private sector, so we are supporting each other.

“We are always advising the government and the government is listening and this is very important. The fact that the government is listening means so much to the Private Sector,” he said.