Nigerians Confirm Reduction In Price Of 50kg Bag of Rice, See New Price

Rice prices in Kwara State have significantly dropped, with a 50kg bag of rice now costing between N52,000 and N54,000, down from N80,000 during Ramadan.

This decrease is attributed to the naira’s appreciation against the dollar. Residents express relief as vendors predict further price reductions.

In Kwara State, the cost of a 50kg bag of rice has notably decreased, now priced between N52,000 and N54,000, down from a high of N80,000 during the Ramadan period and N65,000 just last week.

VerseNews reports that the price reduction, observed across various markets in Ilorin, the state capital, has brought significant relief to the local populace.

Residents of Ilorin, interviewed by City & Crime, expressed their contentment with the price drop. At the Mandate Market, vendors noted a decline in rice prices, attributing it to the naira’s recent appreciation against the dollar among other factors.

Pastor Adeyanju Adeyemo, a rice vendor, highlighted a notable decrease in the prices of imported rice.

“Last week, it was N61,000, but now N54,000. And I have told my customers that with this trend, in another one month, it may drop to N25,000,” he optimistically stated.

Another vendor, Mr. Abdullateef AbdulAfeez, is currently selling a 50kg bag for N52,000 and predicts a further reduction to N30,000 soon, given the current economic trends.

However, Abubakar Ibrahim pointed out that prices for domestically grown food items have remained high due to ongoing security issues.