Price of Rice Falls Again in Markets

The price of local rice in the country has again reduced significantly, following recent appreciation naira, the Nigerian currency.

This is, according to research on household food Items, conducted from major markets across the country.

Residents of Ilorin, the Kwara State capital, are in a joyful mood following the crash in the price of rice in the state.

The price of rice, which is a staple food for most families and individuals, has decreased significantly in the state, with a 50kg bag currently selling for between ₦52,000 and ₦54,000.

This is a sharp decline from the ₦80,000 during the Ramadan period and ₦65,000 just a week ago in various markets throughout Ilorin, the capital of Kwara State.

Some rice vendors who spoke on the new price of rice in Kwara State projected that the price of a 50kg bag of rice may drop as low as ₦30,000 or ₦25,000 in the coming days.

They attributed the price crash to the recent appreciation of the naira against the dollar, along with other contributing factors.

A rice seller in Ilorin, Pastor Adeyanju Adeyemo, who spoke newsmen about the reduced prices, said a 50kg bag of rice may as well sell for N25,000 in a month’s time.

“Last week, it was N61,000, but now N54,000. And I have told my customers that with this trend, in another month, it may drop to N25,000,” he said.

Also, Mr Abdullateef AbdulAfeez, who confirmed that they were currently retailing a 50kg bag for N52,000, said that they anticipated a drop to N30,000 soon due to the prevailing favourable circumstances.

The Nigerian currency is currently exchanging against the dollar at its highest level in the last seven months

The naira is currently trading at N1,136.04 to the dollar at the official market.

Similarly, the Nigerian currency appreciated to N1,100 per dollar in the parallel market.