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.
Ahmed Mohammed Rifun Ilorin International Airport Saad Omo Iya ITEM 7 3MTT Binta Abubakar Mora IHS Suleiman Ajadi Yusuf AbdulRasheed College Of Health Shururat Olatinwo Orisa Bridge Zulkifli Ibraheem Radio SBS Ojuekun Sarumi Yoonus Lawal Mahee Abdulkadir Kwara Primary Health Care Development Agency Olayinka Jelili Yusuf Mufutau Olatinwo Joseph Daudu AbdulFatai Adeniyi Dan-Kazeem Michael Nzekwe Umar Bayo Abdulwahab Lukman Adeloyin Special Agro-industrial Processing Zone Iyabo Dupe Adekeye Yusuf Aiyedun Olayinka Olaogun Code Of Conduct Boko Haram Omu Aran Abdulmajeed Abdullahi Senate President Lawal Arinola Kudirat Kwara Basketball Association KWASSIP Amuda Aluko Yahaya Muhammad JAMB Countryside Emerging Leaders Fellowship Okin Malt Sodiya Igosun Idowu Laro Kwara Polytechnic Sa\'adu Salau Iyiola Oyedepo Oba Of Jebba Matthew Babaoye Sherif Shagaya Abdulganiyu Salahudeen Lotus Bank Haleeman Salman Agbarigidoma Shonga Benin Republic Yemi Sanni Kayode Alabi Opobiyi Bayo Onimago Chief Imam Of Ilorin Chief Imam Of Offa Demola Banu Dan Iya Tafida Of Ilorin Irepodun Malete Okeose Christian Cementary Eleyele Olatunde Olukoya Baba Idris Micheal Imoudu Ezekiel Yissa Benjamin Simeon Sayomi Medview Airlines Samuel Olusegun Adedayo

