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.
Emmanuel Olatunji Adesoye Unilorin Government High School Adeta Fatimat Saliu Olokoba Abdullahi Ayinla Inside Kwara Lanre Issa Onilu Ahmad Lawan Amada Jidda Wahab Femi Agbaje Abdullahi Dasilva Yussuf Minimum Wage GRA Yusuf Abdulkadir Bilikisu Oniyangi Oba Abu Galadiman Ngeri Elections Aremu Bose Deborah Shuaibu Yaman Abdullahi Oniwa Bamidele Aluko Kwara State Fire Service Sarah Alade Kayode Laro Kayode Issa Taibat Ayinke Ahmed Saduki Lafiagi Taofeek Sanusi Trader Moni Ilofa Jaiz Bank Jimoh Olusola Imam Lanre Issa-Onilu Boko Haram Lasiele Alabi Yahaya Kayode Alabi Christopher Ayeni Undergraduate Bursary Abdulganiyu Salahudeen Abdulmumini Sanni Jawondo Summit University Galland Marcias Simeon Sayomi Ahmed Alhasssan Fatimoh Lawal Kolade Solagberu Amule IESA Moremi High School Rafiu Ibrahim Voices Of Tomorrow Abdulrahman Abdulrasak Yakub Lai Gobir Senior Ibrahim Suleiman Abdulrahman Abdulrasaq Olupako Of Share Ajasse-Ipo Kwara-SAPZ Project Road Transport Employers Association Of Nigeria Demola Banu Jide Ashonibare Jimoh Lambe Abdulkareem Buari Edun KWAFFA Standard Organization Of Nigeria Oniyangi Kunle Sulaiman Rotimi Oyedepo Olayinka Jelili Yusuf Oladimeji Thompson Farouk Salim Obuh Salmon Babatunde Salmon Abikan Bahago Saka Aleshinloye Yakubu Danladi

