Price of Rice falls in Kwara as Naira gains strength

The gradual rise of Naira against the dollar is having gradual impact on some food items, especially imported rice.

But its impact is not being felt on most locally produced food items.

Formerly, Kwara state trade fair complex, Mandate Market is one of the biggest markets in Ilorin, the state capital.

Mandate market serves as a major hub for foodstuff especially grains.

Food stuff sellers confirm that there has been reduction in the prices of food items especially rice.

From #67,000 per 50kg of bag of rice, a week ago, it is now sold between #52,000 and #54,000.

This is attributed to the strengthening of the Nigerian Naira against the US Dollar in recent weeks.

Prices of other items like beans, Garri, corn, millet and Guinea corn have remained the same or slightly increased.

Food stuff sellers say prices of locally produced foodstuff have not gone down due to security challenge.