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 AG COVID Malete Moshood Mustapha Lafiagi Mujtabah Bature James Kolo Iliasu Wahab Olasupo Egbewole Mohammed Ibrahim Mustapha Akanbi Aliyu Muhammad Saifudeen SGBN Isau Savannah Centre For Diplomacy, Democracy And Development Segun Ogunsola ANCOPPS Umar Ayinla Saro Gbugbu Oniye Ayo Opadokun Bolaji Nagode Ali Ahmad Kumbi Titilope KWASSIP Bashir Badawi Memunat Monsuma GGDSS Pakata Islamiya Abdulraheem Moji Makanjuola Pakata Christopher Tunji Ayeni International Public Sector Accounting Standards Medinat Folorunsho Salman Budo-Egba Wole Oke Ajeigbe Olateju Lukman Frootify KWAFFA ITEM 7 Kwara Primary Health Care Development Agency Just Event Online Magaji Nda Balogun Fulani Femi Ogunsola Rasheed Jimoh Erubu Bello Abubakar Abubakar Abdulraheem Kulende-UITH Shehu Alimi Foundation AIT Ilorin Oke-opin Joseph Daudu Owo Isowo Zaratu Umar Hydro-electric Power Producing Areas Development Commission Saduki Lafiagi Oyedepo Iyeru Grammar School Oba Sulaiman Asude Majlis For Sadaqah, Zakat And Waqf Saka Aleshinloye Turaki Of Ilorin Omotoso Musa Maja Binta Abubakar-Mora Kayode Yusuf Ajidagba Ogbondoroko Albert Ogunsola Rotimi Oyedepo V.O. Abioye Bolakale Kawu Agaka Femtech Tsaragi

