‘I don’t need to go to CBN’ — Abdul Samad Rabiu says FX reform has eased access to dollars

According to a report by TheCable on Tuesday, October 27, 2026, BUA Group Chairman Abdul Samad Rabiu has praised Nigeria’s foreign exchange reforms, saying they have made it easier for businesses to access dollars without relying on direct allocations from the Central Bank of Nigeria (CBN).

Rabiu made the remarks on Monday at the 32nd Nigerian Economic Summit in Abuja, where he reflected on the difficulties businesses previously faced in obtaining foreign currency to finance industrial investments and purchase essential equipment and raw materials.

He explained that companies once had to visit the CBN every two weeks to request dollar allocations, a process that created significant challenges for businesses seeking to undertake large-scale investments.

According to him, the uncertainty surrounding access to foreign exchange made it difficult for companies to plan and execute major industrial projects, particularly investments worth billions of dollars.

Rabiu said the situation had improved following the introduction of foreign exchange reforms that allow businesses to purchase dollars through the market at prevailing rates rather than depend on direct allocations from the apex bank.

He also noted that his interactions with CBN Governor Yemi Cardoso had reduced considerably since the changes were introduced, explaining that he no longer needed to visit the bank frequently to seek foreign exchange allocations.

The BUA Group chairman cited the development as an indication of how the reforms had changed the process of accessing foreign currency for business operations and investments.

Recalling the previous challenges, Rabiu said, “In the past, we had to make a pilgrimage every two weeks to the Central Bank of Nigeria here in Abuja. Imagine trying to build or set up a billion-dollar industrial investment under those circumstances.”

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