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.
Olabimpe Olani Oloyede Amuda Musbau Siraj Oyewale Aliyu Muyideen Mufti Of Ilorin Rasheed Jimoh Ahmed Ayinla Jimoh Shettima Titus Suberu-Ajibola Saka Abimbola Isau Kwarareports.com Taofik Mustapha Bayer Nigeria Limited Taofeeq Olateju CUTI Babatunde Ishola Babaita PharmAccess Foundation KWASEIC Raji AbdulRasaq Haleeman Salman Vasolar Consortium Arandun Ibrahim Abikan Ramat Oganija Temi Kolawole Abdulraheem Yusuf Agboola Abdulraheem Yoonus Kola Olatinwo Maigida KWASAA Ilorin Emirate Staff Association Ilorin.Info Alagbado Law School Scholarship Abdulwahab Ololele Riskat Opakunle Mogaji Aare Yoruba Sai Kayi Kola Ologbondiyan Aliyu Sabi Olabanji Orilonishe Adisa Logun Sarkin Malamai Ilorin Descendants Progressive Union Ibrahim Akaje Umar Yakubu Jaja KWSUED Bola Tinubu Ojo Fadumila Igbomina Chief Imam Of Offa Gbenga Awoyale Allocation JMK Construction Company Limited Salman Suleiman Muslimah Entrepreneurship Forum AGF Abdulrazaq Iyabo Dupe Adekeye Iyiola Oyedepo Henry Makinwa Olatunji Abdulmumeen John Olobayo Kwara State Sports Commission Suraj Tunji Oyewale Olokoba Ahmed Yusuf A. Usman Bluenile Associates Saeedat Aliyu Coronavirus PPS Segun Olawoyin Saliu Ajia Oba Mogaji Abdulkadir Saliu Shola Taofeek

