Dangote’s Competitor, Rabiu, Speaks on New Price of Rice, Others, Predicts New Naira Rate

• The chairman of BUA Group said that commodities prices will soon begin to sell at a more affordable price in the market
• He also projected that the naira would exchange at N1,000 to $1, considering the current foreign exchange market trend
• He said the high rate of speculations and manipulations earlier led the foreign exchange rate to perform poorly

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

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 due to the rise in naira value.

He stated that this development implies Nigerians will soon experience easier negotiations for goods and services at lower costs.

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Prices will go down

Addressing 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 fizzle out.

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

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“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."

Rabiu hails Tinubu's administration

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 said 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/$.

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Traders sell rice at new price

Legit.ng earlier reported that the price of rice, a staple in Nigeria, is fast becoming unaffordable for most citizens as grain prices have skyrocketed 98.47% in the last 12 months.

Experts said the continued rise in the price of local parboiled rice was due to the scarcity of paddy rice in the country.

A current survey of some food markets in Lagos, Nigeria's commercial centre, showed the prices of 50kg bags of top brands.

Source: Legit.ng