- Rice dealers across Nigeria have reported a crash in the price of the commodity following the rising value of the naira
- Surveys across markets in Nigeria and border communities show that the price has crashed from N90,000 to N63,000 per 50kg bag
- Experts attributed the crash in price to the change in the foreign exchange market, where the naira is recovering against the dollar
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.
Following the rallying of the Nigerian currency, the naira, against the US dollar, the price of a 50kg bag of rice has crashed to an average of N67,000 in Lagos, Abuja, Ogun, and other states, from the N90,000 it sold in February this year.
Findings show that in border communities across the country, the price of the staple sold at a much lower rate compared to other places.