Rice Prices Drop in Kwara as Naira Strengthens
As reported by TVCNews, the strengthening of the Nigerian Naira against the US Dollar is beginning to make waves in Kwara's bustling Mandate Market.
Notably, the prices of imported rice have seen a marked decline, offering relief to consumers. From #67,000 per 50kg bag just a week ago, the price has now dropped to between #52,000 and #54,000, reflecting the positive impact of the Naira's appreciation.
Mandate Market, a prominent trading hub in Ilorin, has historically been a vital source of various food items, particularly grains.
Traders at the market confirm the noticeable reduction in rice prices, attributing it to the recent upswing in the Naira's value against the Dollar.
However, while imported rice sees a price drop, locally produced staples such as beans, Garri, corn, millet, and Guinea corn maintain stable prices or experience slight increases.
This phenomenon is attributed to ongoing security challenges affecting local food production, underscoring the complex dynamics of Kwara's food economy.
Cloud Tag: What's trending
Click on a word/phrase to read more about it.
Ilorin West Oluwatoyin Lukman Garment Factory Government High School (GHS), Adeta Idofin Countryside Emerging Leaders Fellowship Oke-Kura Musa Aibinu Rotimi Atere Oke-Odo Nurudeen Mohammed Aliyu Umar Oniwa Basit Olatunji Radio SBS Funmi Salau Oyeyemi Olasumbo Florence Sadiq Umar Rachael Obisesan Abdulrahman Abdulrasak Bankole Omisore Aliyu Salihu Christopher Odetunde Abdulfatai Ahmed Amada Jidda Playing Host Aro Yahaya College Of Education Ganiyu Abolarin HAMFAT Clinic And Maternity Mohammed Ghali Alaaya Matthew Babaoye Doyin Group HICA Michael Nzekwe Alliance For Democracy Oba Abdulrahim Saheed Akinwumi Maryam Ado Bayero Oko Erin Lawyers Unite Against Corruption Abioye Bello Saidu Yaro Musa Temitope Ogunbanke Garuba Alikinla Shittu Kannike Col. Ibrahim Taiwo Nigeria Governors\' Forum Wahab Femi Agbaje NURTW Moses Rahman Popoola Aliyu Sabi Rafiu Olasile Alabe Communication Network Support Services Abdulrahman Abdulrazaq Offa Grammer School Kanu Agabi Adanla-Irese Abatemi-Usman Olayinka Are Monkey Pox Babajide Ajayi Fola Consultant Hijab Femi Gbajabiamila NFAI Olatunji Ayeni Owu Fall Elections Idris Garba TETFUND Lai Mohammed Saka Keji Olaiya Victor Mobolaji Olabode George Towoju Kale Ayo

