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.
Bayer Nigeria Limited NAWOJ Isiaka Oniwa Soffiyyallah Kamaldeen Post-utme Charcoal Omoniyi Abubakar Ndakene Aliyu Muyideen Okanlawon Musa Sam Onile Shuaibu Yaman Wahab Olasupo Egbewole YAKOOYO Firdaos Amasa Markaz Arabic And Islamic Training Institute, Agege Ajasse-Ipo Abdullahi Dasilva Yussuf Kassim Babamale Talaka Parapo Marufat Oladosu Madawaki Senate Presidency Baba Issa Awoye Gbugbu International Market Toyin Saraki Oko-Olowo Joseph Daudu March 18 Muhammad-Mustapha Suleiman LEAH Charity Foundation Ashiru Pacify Labs Logun Yeketi AbdulQowiy Olododo Wahab Agbaje Segun Olawoyin Busari Toyin Isiaka Sambo Murtala Oladimeji Thompson Ahmed Shuaib Buranga Taofeeq Olateju Medview Airlines Kwara State Government Apata Ajele Secondary School Baba Adini Of Kwara State CCEPE Prince Mahe Abdulkadir David Oyerinola Adedunmoye Sobi Hill Government High School (GHS), Adeta Ishola Moses Abiodun Isiaka Alikinla AbdulFatai Adeniyi Dan-Kazeem Amos Justus Sayo Ella Supreme Tissue Paper Saidu Yaro Musa Kwara Primary Health Care Development Agency Oloruntoyosi Thomas Sunday Fagbemi Undergraduate Bursary Ayo Opadokun GAMA Ahmed Idris Mohammed Ayegbeni Ndakene Agboola Babatunde Towoju Owu Fall C2c@kwarastate.gov.ng Road Transport Employers Association Of Nigeria Muhammed Akanbi Unilorin FM Facemasks Sherif Sagaya KWSUED

