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.
Ajase-Ipo Kale Belgore Owo Isowo Sobi Abdulrasaq Alaro Oju Ekun Sarumi Special Adviser On Digital Innovation ANCOPPS Christopher Odetunde Abdulrazaq Sanni Amos Sayo Balikis Jawondo Bashir Badawi Razak Atunwa Elerin Of Erin-Ile Raimi Iyanda Bareke College Of Education Gamji Members Association Otuka Kunle Akogun Kwara Volleyball Association Salman Jawondo Rasaq Jimoh Yekeen Alabi Lai Gobir Binta Sulyman 3MTT Modibo Kawu Y.A. Abdulkareem Olanrewju Okanlawon Musa Joshua Adeyemi Adimula Abubakar Ndakene Chief Of Staff Okanlawon Taiwo Idris Garba Ola Falade Plat Technologies Yusuf Arowosaye Ramat Oganija Iyabo Dupe Adekeye Muritala Awodun Balogun Gambari Mary Arinde Tinubu Adesoye College Sarafadeen Kayode Akorede Bilikisu Gambari Adeleke Ogungbe Bello Oyedepo Afusat Nike Ibrahim Kola Ologbondiyan Coronavirus Bamidele Adegoke PPS Oba Mogaji Abdulkadir Solomon Edoja Ubandoma Iponrin Ilorin South Constituency CACOVID Palliatives Assayomo Amina El-Imam Overland LAK Jimoh ASKOMP Jimoh Saadudeen Muhammed Valsolar Ilorin Emirate Aro Yahaya Taofik Mustapha Alapado Jimoh Olusola Imam Nigerian Medical Association Yakubu Gobir Firdaos Amasa Alaro

