Nigeria, Sept. 25 -- Abdul Rabiu, chairman of BUA Group, said he expects the naira to strengthen further this year as government reforms take hold, projecting that the exchange rate could fall between N1,300 and N1,400 to the dollar by December.

He said this on Wednesday while speaking with journalists at the State House after meeting President Tinubu.

"I expect that the exchange rate is going to strengthen even further. I expect that the rate should come down to maybe N1,300, N1,400 before the end of the year. And this is something that we should all celebrate," Mr Rabiu said.

He praised recent measures by the CBN, noting that demand for foreign exchange from the regulator had diminished.

"If I may add, you have seen that the CBN is ...