Comodity Watch!! Bag of Rice drops to 60K from 84K

ABUJA, Nigeria – April 16, 2024 – In welcome news for Nigerian consumers, the price of a bag of rice has fallen significantly. This drop coincides with a weakening of the US dollar against the Nigerian Naira.

A bag of rice that previously cost ₦84,000 can now be found for around ₦60,000. This decrease is attributed to the dollar’s depreciation, which has fallen from ₦1,800 to around ₦950. This change makes rice imports cheaper for Nigerian businesses.

The lower cost of rice imports is a significant development for Nigerian consumers, who have been burdened by rising food prices. This decrease in rice prices is expected to provide some relief for many Nigerians.