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.
Metro Park Curfew Wasiu Onidugbe Waheed Ibrahim Sidikat Alaya Ilorin Hassan Abdulazeez Elewu Overland Ekweremadu Lateef Fagbemi Kayode Ogunlowo Coronavirus Abdulganiyu Salahudeen Zulkifli Ibraheem Jimoh Lambe Abdulkareem Erubu Oba Zubair Alanamu Harafat E. Mukadam John Olobayo Baba Issa Awoye Abubakar Lah Yoonus Lawal Eleyele Bola Iyabo Ibiyeye Adisa Sheikh Hamzat Yusuf Ariyibi Halimah Perogi Post Utme Alliance For Democracy Olusola Saraki Oja-Oba Ola Falade Joseph Daudu Kamaldeen Gambari Ademola Kiyesola Saadu Gbogbo Iwe Abubakar Abdulraheem Maimunat Oniyangi Ibrahim Abiodun Alabi Olayemi Abdulrazak 20 Billion Bond Gwanara Afeyin-Olukuta Haleeman Salman Mohammed Ghali Alaaya Ramadan Okoolowo Sunset Workers Boko Haram Bareke New Naira Notes Jelili Yusuf Saka Aleshinloye Freshvine Nigeria Limited Salihu S. Yaru Sanitation Exercise Mumini Ishola Hanafi Summit University Simon Sayomi Salman Jawondo Suraj Tunji Oyewale Femtech Mohammed Yisa Elections Afetu Of Alabe Ethical College Owo Arugbo Ahmed Alhasssan Government House Yahaya Abdulkareem Surajudeen Akanbi Lai Gobir Ita-Nmo Market Oluranti Idowu Olohungbebe Femi Agbaje Moremi High School CCT

