NO MORE N70K? See Current Price Of 50KG Bag Of Rice, Other Items As Naira Depreciates Again
Amidst the recent strengthening of the Naira against the dollar, the prices of specific goods in Nigeria have commenced a descent, particularly rice, a fundamental food item in the nation. Recent investigations in the market disclose that the price of a 50- kilogram sack of rice has dwindled to below N60, 000 in certain markets. Nonetheless, in major urban centers such as Lagos, Abuja, and Ogun, the mean price revolves around N67, 000, still marking a substantial reduction from the N90, 000 rate documented in February 2024.
The removal of petrol subsidies and the floating of the Naira midway through the preceding year had previously triggered an upsurge in food costs, contributing to elevated inflation rates. Between February and March, while the Naira was depreciating against the dollar, the price of rice soared, peaking at N90, 000 in Lagos alone.
However, the recent appreciation of the Naira against other currencies, alongside alterations in market dynamics and governmental measures, has led to a noteworthy decline in rice prices, much to the satisfaction of Nigerians.
This downward trajectory in prices denotes a favourable development for consumers nationwide, hinting at a potential alleviation of economic strains and a regression to more manageable living expenses. Upon hearing the news of the considerable reduction in the price of a sack of rice, some Nigerians took to social media platforms to express their relief and hopefulness for Improved economic circumstances.
@Renoomokri tweeted: The dollar is dropping. Rice prices are dropping. Indomie noodles prices are dropping. Diesel prices are dropping. Cement prices are dropping. And even insecurity is on the reducing. The key point here is that, as part of the opposition, we can challenge Tinubu without challenging Nigeria. If we criticize when things go wrong, then we should also praise when they go right! @comfortfajugba pointed out: “I am pleased to see the price of rice finally dropping. When it’s back to 15k, please let me know so I can thank APC for a job well done.
@Midexhairgrowt commented: ‘I sympathize with those who stocked up their warehouses at high prices. @DANNIE_ADEL suggested: “If you’ re
smart, get married now that the price
of rice has dropped.”
Despite the significant drop in rice
prices, several other items in Nigeria
have also become cheaper. Diesel, for
example, has seen a notable decrease
in price following an announcement
by Dangote Petroleum Refinery.
The refinery has reduced the prices of
both diesel and aviation fuel, now
priced at N940 and N980 per litre, respectively. This is the third substantial reduction in diesel prices in less than three weeks, initially ranging from N1, 700 to N1, 200, then dropping to N1, 000, and now reaching N940 per litre. Similarly, aviation fuel prices have fallen to N980 per litre.
Furthermore, a recent survey in the
country showed that the prices of
some mobile phones have also dropped since the Naira appreciated against the dollar..
This further reduction in prices indicates a broader trend of decreasing costs across various sectors, reflecting the positive effects of market dynamics and economic policies on consumer affordability.
Source
Vanguard
