Abdul Samad Rabiu, chairman of BUA Group, has projected that prices of commodities and services in Nigeria will continue to decline in the coming days, citing a rising naira.
This means that Nigerians will soon find it simpler to haggle for goods and services at reduced costs.
Speaking to reporters in Lagos, Rabiu, a member of the Presidential Economic Coordination Council (PECC), also predicted that the naira would soon exchange at N1,000 to $1 due to the current foreign exchange market trend, which Daily Independent was keeping an eye on.
He explained that he also anticipated a gradual decrease in commodity prices in the coming months, citing the recent reduction in diesel prices as an example.
He stated that many companies may have bought things and goods when the rate was higher, so it would take some time before things fizzled out. The BUA Charman expects Nigerians to see prices decrease in a few months.
He said:
“For example, the price of diesel a few days back was N1700 per litre, but today, it’s about N1,200 to a Litre.
“As a matter of fact, we bought diesel from Dangote Refinery on Monday below N1200/Liter for our transport and operations.
“We bought quite a lot, and prices will continue declining.”
While commending President Bola Tinubu and the Central Bank of Nigeria (CBN) for their efforts in stabilising the exchange rate, the BUA Group Chairman also applauded the collaborative efforts between the government and the private sector in advancing economic recovery.
He says the government and private sector collaboration to hasten the economic recovery is going very well.
The biggest issue, he said, had always been foreign exchange, which at some point was down to almost N1900/$.
He specifically said:
“We knew then that the high rate was due to many factors, including speculation and manipulation, and a lot of people were commercialising 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/$.
