Numerous citizens in Kwara State are delighting in the fact that the price of a 50kg bag of rice has significantly decreased, now ranging between N52,000 and N54,000. This is a significant drop from the price of N80,000 during the Ramadan period and N65,000 just a week ago in various markets throughout Ilorin, the capital of Kwara State.
The majority of residents, shared their feelings about the recent development.
At the Mandate Market in Ilorin, vendors of grains and food items have reported a decline in prices, particularly for rice.
Numerous sellers have linked this development to the recent appreciation of the naira against the dollar, along with other contributing factors.
According to Pastor Adeyanju Adeyemo, a rice vendor, there has been a gradual decrease in the prices of imported rice, particularly for purchasers using foreign currency.
“Last week, it was N61,000, but now N54,000. And I have told my customers that with this trend, in another one month, it may drop to N25,000,” he said.
Mr Abdullateef AbdulAfeez, a fellow vendor of rice, expressed that they are currently retailing a 50kg bag for N52,000. He mentioned that they anticipate a drop to N30,000 in the near future due to the prevailing circumstances.
Abubakar Ibrahim noted that the costs of domestically grown food items have not decreased because of the security issues.
