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Rice Price Falls By 37.6% Over Rise Of Naira Against Dollars
Despite the United States Department of Agriculture (USDA) forecast that Nigeria’s rice production would decrease to 8.1 million tonnes in 2024 from 8.5 million tonnes in 2023 over access to farmlands in conflict-prone areas, rice sellers in Lagos have confirmed the sudden fall in the price of rice in the last one weeks by 37.6per cent.
Findings revealed that the price which was N82,000 between December 2023 and March 2024 dropped to N52 000. It first dropped to N67,000 per 50-kilogramme bag last week and further reduced to between N52,000 and N54,000 this week. At Ipaja area in Lagos, Madam Florence Aina confirmed that the price of the grain has come down, saying a 50 kg bag is N56,000. She explained that rice sellers were trying to dispose of stacked grain to avoid losses in the coming month
s. This was attributed to the strengthening of the Nigerian Naira against the dollar since the beginning of month. However, findings from Index mundi, a trade portal, revealed that the importers have ordered for 2.2 million tonnes of the grain to meet domestic consumption. It was learnt that Thailand, Vietnam and India are the major exporters of the grain to the country before it was banned by the Federal Government to encourage local production.
