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.
Abdulrasheed Lafia Gobirawa Abubakar Olusola Saraki Afonja Sola Saraki Educational Foundation Seed Technologies Awwal Jawondo Onilorin Of Ilorin Eghe Igbinehi Oni Adebayo Lanre Badmas Salihu Alhaji Musa Plat Technologies Limited Kwara State Sports Commission Oke-Ero JMK Construction Company Limited Abdulfatai Salman Baakini NIPOGA NAWOJ Mohammed Danjuma NYSC Yetunde Balogun Raymond Olaitan Solomon Edojah Ahmed Dankaya Folorunsho Alao Tunji Ajanaku Majlis For Sadakah, Zakat And Waqf Bareke Amos Sayo Esuwoye Paul Olawoore Kwha.gov.ng Mashood Dauda Communication Network Support Services General Hospital, Ilorin Laboratory-to-Product Abdullahi Saadudeen Alikinla Valsolar Consultoria Mohammed Alabi Lawal Ubandoma Yahaya Dumoye Azeez Bello Hassan A. Saliu Kwara State Fish Farmers Association Nigeria Computer Society Isapa Emir Of Lafiagi Kwara Volleyball Association Mahe Abdulkadir John Kehinde Salako Ilorin Emirate Chief Imam Of Ilorin Kale Kawu Abdullahi Samari Ayinde Oki Kannike Teachers Specific Allowance Universal Basic Education Commission Bolaji Aladie Bureau Of Lands ITP Shururat Olatinwo Suleiman Rotimi Iliasu Rotimi Samuel Olujide KWASIEC Omoniyi Ayinla David Oyepinola Adedumoye Ilorin Likeminds Foundation Iyabo Adisa Ibiyeye Adamu B. Yaqubu Mufutau Gbadamosi Esuwoye NaAllah Freshvine Nigeria Limited Waziri Yakubu Gobir Emir Of Kano Abdulkareem Alabi

