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.
Oloriegbe Salake Toyin Falola Bamikole Omishore Abdulmalik Bashir Mopelola Risikatullahi Suleiman Rotimi Iliasu 2017 Budget Mohammed Khadijat Kubura Saheed Alakoso Yahaya Abdulkareem Oba-Solagberu Lawal Olohungbebe NFAI Florence Saraki Peter Obi Alaro Adekunle David Dunmade Abdulrasheed Lafia Abdulkarim Adisa Toyosi Thomas Kanu Agabi Aishatu Ahmed Gobir Amos Bajeh Joshua Adeyemi Adimula Hausa Aso-ofi Abdulrazak Shehu Akorede Yusuf AbdulRasheed Ramadan Kwara Muslim Pilgrims Welfare Board KWASAA Islamic Development Bank Afeyin-Olukuta Adama Isa Bashir Badawi Crystal Corner Shops Tafidan Kaiama Osi Lanre Jimoh Apata Ajele Secondary School Umar Gunu Abdullahi Biffo Raliat Elelu-Habeeb Vasolar-Kwara Company Ltd Lafia Aliyu Korasabi Jare Olatundun Onilorin Kassim Babamale Isaac Aderemi Kolawole Manzuma Jani Ibrahim Mahmud Ajeigbe John Olobayo Sheriff Shagaya Maryam A. Garuba International Aviation College Mohammed Saidu Imam Gambari Yahaya Jibril Usman Micheal Imoudu Kwara Politics Senate Dan Iya Of Ilorin Olota Of Odo-Owa Mohammed Lawal Shettima Ibraheem Abdullateef Shuaib Olarongbe Local Government Oba Sulaiman Asude Lasiele Alabi Yahaya Aro Yahaya Kayode Bankole GGDSS Pakata Saliu Ajia Kawu Ladi Hassan

