Nigerian Rice Prices See Significant Decline Following Naira’s Rebound Against the Dollar

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In a notable turn of events, the price of a 50-kilogram bag of rice has witnessed a considerable drop across various regions in Nigeria, including Lagos, Abuja, Ogun, and border communities. This downward trend comes as a direct consequence of the recent rebound of the naira against the dollar, offering relief to consumers who have been grappling with soaring food prices.

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Reports from our correspondents reveal that in major cities such as Lagos and Abuja, as well as Ogun State, the average price for a 50kg bag of rice has plummeted from about N90,000 in February 2024 to an average of N67,000. Notably, in communities situated close to the borders, such as Imeko, Idiroko, and Oja-Odan in Ogun State, the staple is being sold at even lower rates, with prices hovering around N49,000 or below.

Ms. Mayowa Tosho, speaking from Saki, a border community in Oyo State, disclosed that a bag of rice now sells for N42,000, reflecting the downward trend in prices observed across various regions.

Furthermore, the decline in rice prices has been more pronounced for foreign parboiled rice compared to local brands. This shift in pricing dynamics follows a series of government interventions and policy adjustments aimed at stabilizing the rice market.

In 2015, former President Muhammadu Buhari implemented a ban on the importation of rice through land borders, subsequently mandating that rice should only be imported through seaports after the payment of all necessary duties. Additionally, the Central Bank of Nigeria prohibited importers of rice and other items from accessing foreign exchange through the official window, with the aim of promoting local production.

However, the ban on rice importation through land borders was lifted in October, allowing importers to access forex from the official market. This policy change, coupled with the recent appreciation of the naira against other currencies, has contributed to the reduction in rice prices witnessed in recent months.

While consumers welcome the decrease in rice prices, economists remain cautious, emphasizing the need for sustained stability in the rice market. Despite the significant decline, challenges persist in certain regions, where rice prices continue to remain high, indicating potential disparities in market rates across different locations.


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Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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