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.
Agbarere Orisun Igbomina Universal Basic Education Commission Yekeen Alabi All Peoples Party Maimunat Oloriegbe Musa Yeketi Habeeb Abdullahi Al-Ilory Hamidu Olowo Okin High School Kale Ayo Ayotunde Emmanuel Alao Olota Of Odo-Owa Iyaloja-General Gbugbu Taofeeq Olateju Abdullahi Imam Abdullahi KWASSIP Ibrahim Abiodun Segun Olawoyin Federal Allocation Ayoade Akinnibosun Abatemi Usman Osi Kazeem Adekanye Ilorin Anchor Men And Women Kpotum Mohammed Baba Iyabo Adisa Ibiyeye Idris Garba Bukola Ajikobi AbdulGaniyu Kareem Ramadhan Hassanat Bello Shuaib Abdulkadir Convocation Ceremonies Mahfouz Adedimeji Adamu Attah Pacify Labs Gurei Kayode Yusuf Lawal Olohungbebe Kayode Laro Christopher Ayeni Abdulbaqi Jimoh Riskat Opakunle Ahmad Belgore Aso-ofi Ajeigbe Charles Ibitoye Bamidele Aluko Ayo Salami Kwara State Branch Of The National Library Islamiya Abdulraheem Bolaji Nagode Yakub Lai Gobir Special Agro-industrial Processing Zone Kola Olota Babajide Ajayi Abdulmumini Sanni Jawondo Alimi Ogidi-Oloje Sheikh Alimi Ahmed Mohammed Rifun Ubandoma Of Ilorin Olubukola Kifayat Adedeji N-Power 20 Billion Bond Labaeka Isaac Gbenle Ilorin South Constituency LEAH Charity Foundation Kwara NIPR Jide Ashonibare Ifelodun KWAFFA Tunji Ajanaku Victor Gbenga Yusuf

