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.
Garment Factory Donatus Ejidike Adanla-Irese CCT James Ayeni Segun Ogunsola Aliyu Kora Sabi Ganiyu Abolarin SUBEB Samuel Adaramola Dauda Adesola GRA Shururat Olatinwo Aminu Ado Bayero Moses Afolayan Sulu Gambari Musa Ayinla Yeketi Ile Arugbo Cassava Growers\' Association Ibraheem Adeola Katibi Femtech Abdul Jimoh Mohammed Taofeek Sanusi Ilesha-Baruba Olatunde Olukoya Nigeria Computer Society Ariyo Baba Issa Coalition Of Kwara North Groups Dar-Al-Handasah Consultants Baba-Isale Innocent Okoye Ola Falade Olayinka Olaogun Standard Organization Of Nigeria Mohammed Kamaludeen Yinka Aluko Yahya Mohammed Abatemi Usman Offorjama Tosho Yaqub Overland Haliru Dantoro Ndakene Opobiyi Allocation Binta Abubakar Mora Toyin Sanusi Umar Ayinla Saro Abdulrasheed Na\'Allah Abdulrahman Abdulrazak Gaa Olobi Lanre Olosunde Aliyu Adebayo Islamic Development Bank Rafiu Ibrahim Musa Alhassan Buge Okin Malt Al-Ilory Musbau A. Akanji Mamman Saba Jibril Idi-Ape Kwara NIPR Awoye Lateef Fagbemi Talaka Parapo 3MTT TETFUND Amos Bajeh Oyin-Zubair Shuaib Boni Aliyu Kayode Yusuf Gbadeyan Gbadura Yomi Kola Ologbondiyan Cornelius Adebayo Eleja Taiwo Banu Hameed Oladipupo Ali

