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Price Of Rice Crash By Over 20% Across Nigeria

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Price Of Rice Crash By Over 20% Across Nigeria

Nigerians can breathe a sigh of relief as reports and surveys confirm a crash in the price of rice across major cities in the country.

According to reports, the price of a 50kg bag of rice, which sold for about N80,000 around February, has now reduced to between N50,000 and N65,000 depending on location and brand.

Reports confirmed that the price of rice has dropped by about 20 to 30 percent within the last two months, making it more affordable for Nigerians. A major drop in price has been observed since last week.

A survey by Nairametrics in some Lagos markets found that a 50kg bag of rice now costs between 50,000 and 65,000 in Oshodi, Ikotun, Ikorodu and other parts of the state while a 25kg bag of rice sells between N25,000 and N32,500.

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The survey also confirmed a slash in the price of rice in Abuja, the nation’s capital, with many traders selling a 50kg bag of rice for less than N70,000.

Mrs. Bosun Adeyeye, a trader who sells various food items in the outskirts of Oshodi, said that she started pricing her “long rice” below N70,000 last Wednesday, following her distributor’s sale of the product to her at around N60,000.

She added that the “short rice,” costs between N55,000 and N65,000, depending on the customer’s preference.

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“Since Wednesday, we have been selling between N55,000 to N65,000 depending on the type of rice you want to buy. The bags are different, and some are more expensive than others,” Adeyeye said.

Another trader, who does business at Abule Egba in Lagos Mainland, Chima Emeka, stated that the market price for foreign rice has dropped to N65,000.

He attributed this price decrease to the drop in the price of the dollar against the naira in the foreign exchange market.

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“I think importation is cheaper now unlike before when dollar was around N1,600 to N1,800. Then, we couldn’t get foreign rice for less than N80,000, but as of today that dollar is N1,100, traders are bringing down their prices. You know, foreign rice is first priced in dollar,” Emeka said.

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