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.
Col. Taiwo Umar Saro MMWG JUSUN Kwara State Coalition Of Business And Professional Associations Muhammed Taofeeq Abdulrazaq Ajibola Saliu Ajia Aminat Ahmed Volunteers Of Ilorin Community And The Emirate Saad Omo\'ya Asiwaju Bola Tinubu Tafida Offa Poly Modupe Oluwole Smart School Prince Sunday Fagbemi General Hospital Solomon Edoja Olayinka Olaogun Ayinke Saka Park Aminu Adisa Logun Babajide Ajayi Ajeigbe AGILE Programme Abiodun Jacob Ajiboye Bankole Omishore Kwara 2023 Ilorin East Fatai Olodo Kishira March 18 Fatimoh Lawal T And K FOODS Grillo Kolawole Akande Matthew Babaoye Okiki Haruna Tambiri Mohammed Sabi Umar Sanda Yusuf Okin High School Shuaib Jawondo Abdullahi Atanda ASMAU PLAZA Special Agro-Industrial Hub Ilesha Gwanara Road Balogun-Ojomu Abdulsalam Firdaous Amosa Kamaldeen Kehinde Sunday Fagbemi Federal College Of Education (Special), Afon University Road Olatunde Olukoya Eleyele Lanre Aremu Abegunde Goke Yoonus Kola Olatinwo Hydro-electric Power Producing Areas Development Commission Kwara Basketball Association Razaq Atunwa Baakini Kayode Laro Yakubu Shaaba Emir Of Lafiagi Afusat Nike Ibrahim Omoniyi Ayinla Abdulrosheed Okiki Lai Gobir Abdulmutalib Shittu Gbemi Saraki Aliyu U. Tilde Saka Aleshinloye Countryside Emerging Leaders Fellowship Olokoba Ilorin South Constituency Allocation

