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.
Jaiz Bank March 28 Mohammed Lawal Savannah Centre For Diplomacy, Democracy And Development Adamu Attah Eleja Taiwo Banu Kisra Ayobami Akanbi Ohoro Of Shao ITP Innocent Okoye Aishat Mohammed Lawal Oba Abdulraheem Markaz Arabic And Islamic Training Institute, Agege Ile Arugbo Funmi Salau Senate President Gurei TVC Female National Debate Atiku Obasanjo Abdulrahman Abdullahi Kayode Tunde Oyawoye Femi Oladiji New Nigeria People’s Party Sardauna Aliyu Alhassan Yakubu Danladi Raimi Iyanda Abdulrasaq Alaro Omar Gambari Ahmad Belgore Bayo Ajia Clement Yomi Adeboye Eghe Igbinehi Magaji Nda Isiaka Alikinla Saka Isau Ifelodun Kayode Oyin-Zubair Ronke Adeyemi Salmon Babatunde Salmon Alao Ayotunde Katibi Ibraheem Adeola SWAN VADA Sunday Otokiti Iyaloja-General Funmilayo Oniwa LABTOP Ahmed Shuaib Buranga Issa Baba Bibire Ajape Bashirat Bola Bello Vasolar-Kwara Company Ltd Atunwa CBT Sayomi Kwara-SAPZ Project Abubakar Baba Sulaiman Ajibola Ademola Julius SUBEB Jide Ashonibare Ibrahim Akaje Timothy Akangbe Sulaiman Gado S.O. Opowoye Aremu Odolaye Olatunji Ayeni Jimoh Saadudeen Muhammed Ilofa Sardauna Of Ilorin Shola Odetundun Basit Olatunji Risikat Lawal National Pilot Ophthalmological Society Of Nigeria

