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.
Ilorin Umaru Saro Yakubu Mohammed Abdullahi Razaq Atunwa Taofeek Sanusi Tuesday Assayomo Unicontinental Construction Company Aisha Ahman Pategi Kwara Coalition Of Business And Professional Associations Abdulmumini Jawondo Magaji Erubu Ilorin Like-Minds Gobir Organization Foundation Kazeem Adekanye Edu Idiagbon Baba-Isale Mohammed Lawal Bagega Olupako Of Share Sidikat Alaya ER-KANG Ganiyu Taofiq Idowu Aremu Olomu Ophthalmological Society Of Nigeria Muftau Akanbi Oke Dan Iya Of Ilorin Alloy Chukwuemeka Ike Ekweremadu Ilorin Innovation Hub Suleiman Ajadi Isaac Gbenle Dunmade New Naira Notes Mahee Abdulkadir Talaka Parapo Temitope Ogunbanke Read With Me Harafat E. Mukadam Tayo Alao Ahmad Olanrewaju Belgore Hassan Taiye Salam Olosi Of Osi Abdullahi G. Mohammad Mohammed Ibrahim Lawal Olohungbebe Abraysports FC Isiaka Rafiu Mope Offa Metropolitan Club Alanamu Olajumoke Monsura Gafar Alfa Yahaya Road Kwara State University Of Education Quarry Royal Valley Bolakale Ayo KWASIEC NYSC Raliat Elelu-Habeeb Ado Bayero Sheikh Ariyibi Bamidele Aluko NaAllah Lola Olabayo Oke-Odo Cassava Growers\' Association Kwara State Fish Farmers Association Labaeka Bature Bello Ishaq Salman Raji AbdulRasaq Olanrewju Okanlawon Musa Manzuma Aliyu Kora-Sabi New Model Police Station Diagnostic Centre Rihanat Ajia Yusuf Lawal