Despite the backdrop of rising food inflation, there’s been a notable 19% decrease in the price of locally parboiled rice, specifically a 50-kilogram bag, which now sells at N68,000 compared to N84,000 in February.
This decline was observed in markets like Dutse and Kubwa in Abuja, where rice brands like Big Bull and Optimum experienced a marginal drop in prices in April. However, foreign rice varieties such as Mama Gold and Royal Stallion remain pricey, selling at N90,000 per 50kg bag.
According to a recent DAILY POST surveys, Traders attribute the decrease in local rice prices to market dynamics, with Amaka Ubani from Dutse market noting the drop from previous prices ranging between N72,000 to N84,000.
Betty Retail shop in Kubwa market also confirmed selling Big Bull rice at N68,000 per bag, while other shops maintained prices between N68,000 and N72,000 for various rice varieties.
Despite these reductions, concerns persist among Nigerians regarding the disconnect between the Naira’s appreciation in the foreign exchange market and its impact on goods and services prices.
Dr. Ayo Teriba, Chief Executive of Economic Associates, suggests that the effects of Naira appreciation may take three to six months to materialize fully.
