Due to 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.
As the naira fell against the dollar, rice soared to as high as N90,000 in Lagos between February and March.
However, our correspondents, who visited various markets across Lagos, Abuja, Ogun, and others, confirmed that the food items were on a downward trend.
Selected rice sellers in Agege and Oshodi markets said the price of rice had been reduced to between N65,000 and N63,000 compared to December 2023 and January 2024, when the staple was sold between N75,000 and N80,000.
The traders, who spoke with our correspondent, noted that the long grain rice, which sold between N42,000 and N50,000 mid-last year, jumped to N80,000 in January, causing an outcry among consumers.
In Oshodi, Ogechukwu Amadi noted that she bought a bag of rice between N74,000 and N76,000 in December and sold it for N83,000 during the period.
According to Amadi, she now buys rice for around N60,000 and sells it for N63,000.
“Our purchase rate will always determine our selling price. In most cases, wholesalers usually add about N2,000 to their selling price, and this has caused non-uniformity in the prices traders sell in the market.
“In December, I was buying between N74,000 and N76,000. But I now sell for N65,000 and sometimes N62,000, depending on who sold the stock to me,” she stated.
Another trader in the Agege market, who simply identified himself as Ade, confirmed to our correspondent that the price of the 50kg bag of rice had been reduced to around N60,000.
“We can only thank God that the hardship is not as serious as it was in February. Rice practically turned gold, but we thank God today. I wish it could return to N40,000,” he said.
Similarly, the price of a 50kg bag of rice dropped in different parts of Ogun State.
