The recent strengthening of the naira against the dollar has brought relief to consumers, with the price of a 50-kilogram bag of rice decreasing significantly.
In major cities like Lagos, Abuja, and Ogun, the average price has fallen from around N90,000 in February 2024 to about N67,000. Communities near the borders are experiencing even lower prices, with bags selling for as low as N49,000 in places like Imeko and Idiroko in Ogun State, and N42,000 in Saki, Oyo State.
The decrease in rice prices reflects the positive impact of the naira’s rebound on import costs and overall inflation rates. This development is expected to ease the financial burden on households and improve access to this essential staple food across Nigeria.
Source: Punch