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.
Falokun-Oja Halimah Perogi Lotus Bank Salman Alada Aishat Mohammed Lawal Durosinlohun Atiku Kwara State Internal Revenue Service Ibrahim Abduquadri Abikan Omoniyi M. Ayinla Saeedat Aliyu Gbenga Awoyale Ishola Abdullahi Sardauna Of Ilorin Victor Gbenga Yusuf Abubakar Abdullahi Bata SDP Jimoh Bashir Tayo Alao Ileloke Yakub Lai Gobir Lateef Fagbemi Dorcas Afeniforo Balogun Fulani Muhammed Aliyu Sa\'ad Alanamu Bashiru Makama Irepodun Zainab Abass Lawan ER-KANG Mining Ojo Fadumila Council Of The Wise Ilorin Talaka Parapo (ITP) Abdulfatah Ahmed Owo Isowo Obasanjo Orisa Bridge Odogun Olushola Gabriel Olayinka Are Solomon Edojah Okeose Christian Cementary Facemasks Kwara North Zulu Gambari Post-utme Alaaya Mutawali Of Ilorin Millennium Development Goals Olateju Lukman Ministry Of Women Affairs And Social Development Michael Nzwekwe National Broadcasting Commission Kwara Politics Bashir Omolaja Bolarinwa Monthly Sanitation Exercise ASMAU PLAZA Imam Gambari Salary Gbadeyan Gbadura Yomi Special Adviser On Digital Innovation A.E. Afolabi Sheikh Ridhwanullah El-ilory Code Of Conduct Tribunal Ramadhan QuickWin Hakeem Idris Lawyers Unite Against Corruption Ibrahim Oniye Abdullahi Saadudeen Alikinla Yemi Sanni Owode Market Abdulrauf Yusuf Nigeria Computer Society Hamza Usman Monthly Sanitation Saad Belgore Mohammed Abduraheem

