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.
Saduki Lafiagi Abdullahi Atanda Opolo Global Innovation Limited Egbejila Chikanda Kwara Coalition Of Business And Professional Associations Kulende Aiyedun Ganmo Electricity Sub-Station Ayegbeni General Tunde Idiagbon International Airport Gbenga Olawepo Kpotum Mohammed Baba Galland Marcias Ayinde Oki Ramadan Kwabes Sun Qing Rong Government House Suleiman Abubakar Abdulfatah Ahmed Apaokagi Lukman Adeloyin Joseph Yemi Ajayi Abraham Ojo Balikis Jawondo Abubakar Kawu Baraje Tunde Mukaila Mustapha Abdulrahman Abdulrazak Damilola Yusuf National Association Of Nigerian Students Oya State Ayotunde Emmanuel Alao Metro Park Ibrahim Taiwo Khairat Gwadabe Offorjama Isiaka Danmeromu Kwara Primary Health Care Development Agency Ekiti Ambassador Kayode Laro Dar-Al-Handasah Consultants Shoprite Bond Wahab Agbaje National Information Technology Development Agency Barakat Community Secondary School Garba Idris Ajia Kayode Bankole Bello Taoheed Abubakar Olokoba Sulyman Magaji Are Maimunat Oloriegbe Ilorin Central Mosque Muhammed Aliyu Ojo Fadumila Quareeb Islamic Association Trade Lenda SME Fair AbdulHamid Adi Abdullahi Saadudeen Alikinla Adewuyi Funmilayo Monthly Sanitation Exercise Atunwa JSSCE Ayo Opadokun Memunat Monsuma Muftau Akanbi Oke Charcoal Ajia-Bako Ghali Muhammed Jimoh Akani UTME Al-Hikmah University Kolawole Bashirat Pakata Development Association Yakubu Gobir Ndakene

