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.
Olusegun Adeniyi Local Government Okanlawon Musa Joseph Offorjama Chief Imam Of Ilorin Tosho Yaqub Saidu Yaro Musa GGDSS Pakata Ajakaye Nigeria Customs Service Gambari Saba Mamman Daniel Kwara United Lithium Deposit Alabi Lawal Alimi Abdulrazaq V.O. Abioye Moses Afolayan Abdulfatai Baakini Innocent Okoye Hauwa Nuru Lawyers Unite Against Corruption Ajayi Okasanmi Issa Manzuma Oniwa Police Commissioner Lateef Fagbemi Kwara State Television Agbarigidoma Abdulrazak Shehu Akorede Isiaka Yusuf Rasaq Jimoh Dagbalodo Amina El-Imam Congress For National Consensus KW-GIS Kwara-SAPZ Project Olabimpe Olani Tinubu Legacy Forum Iyiola Oyedepo Lasiele Alabi Yahaya Femi Agbaje Abdulwahab Ololele Ballah Post Utme Adamu Jemilat-Baki Senate Olaiya Victor Mobolaji Toyin Falola Ilorin Emirate Oba Mogaji Abdulkadir Kwasu National Pilot Alabe NaAllah Code Of Conduct Tsaragi-Share Abiodun Abdulkareem Tsaragi/Share Kunbi Titiloye Ogbondoroko Olayinka Jelili Yusuf Ibraheem Adeola Katibi The Herald Fatimah Abdulkadir Veterinary Teaching Hospital Idofin Umar Gunu Toyosi Thomas Oluronke Adeyemi Basit Olatunji Razaq Atunwa Senior Staff Union Of Colleges Of Education United Nigeria Airline Demola Banu Akume Segun Ogunsola

