Home » BUA Chairman, Rabiu abdulsamad predicts price crash

BUA Chairman, Rabiu abdulsamad predicts price crash

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Chairman of the BUA Group of Companies, Rabiu Abdulsamad, has expressed optimism that prices in Nigeria would in no time come down.

He said his confidence was spurred by the strategic economic policies of the current administration.

Abdulsamad, who visited President Bola Tinubu to wish a happy Eid-el-Fitr celebration in Lagos,said that vital progress has been recorded in terms of the longstanding foreign exchange issues.

“At a time, the exchange rate was almost N1900/$, but today, the rate is coming down to almost N1,200/$,” Abdulsamad noted.

“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,” he added.

The BUA Group chairman therefore eulogised the president and the Central Bank of Nigeria (CBN) for their efforts in stabilizing the exchange rate, noting that “this is the first time in over 30 years that I have seen one exchange rate in Nigeria, so it’s really commendable.”

Abdulsamad further gave assurance that prices will begin to fall soon as a result of the improved forex situation. “So I expect that in a month or two, prices will definitely come down,” he said.

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