Following the recent rebound of the naira against the dollar, the price of a 50 kilogramme bag of rice has dropped to an average of N67,000 in Lagos, Abuja, Ogun, and others, from about N90,000 in February 2024.
In communities close to the borders, our correspondents gathered that the staple was selling at a much lower rate compared to what was obtained in the cities.
For example, in Ogun border communities like Imeko, Idiroko, Oja-Odan, and others, a bag of rice was selling for around N49,000 or below.
According to Ms Mayowa Tosho, a bag of rice now sells for N42,000 at Saki, a border community in Oyo State.
Our correspondent gathered that the prices of foreign parboiled rice had dropped more than those of local brands.
“The price of rice is coming down. As of today, we sell at N65,000 per 50kg bag. Some can even sell at N64,000. It peaked at N88,000 or even N90,000 in February and March, from around N55,000 in December.
“We thank God that it is coming down now. But, the prices of beans and garri are not reducing; instead, they keep rising. The government should do something about it,” Igwe noted.
“The price of rice has dropped. In February, we were selling it for between N80,000 and N85,000; but it has now dropped to N65,000. But the prices of garri and beans did not reduce,” he remarked.
In the Oja-Ale area of Iperu, Success said he could sell one bag of rice at N63,000 if the customer was ready to pay immediately.