FLASH: Marketers Reduce Price Of Rice (See New Price)

Price of a 50-kilogram bag of rice (locally parboiled) has decreased by 19 per cent to N68,000 from N84,000 in February.

This is despite rising food inflation.

Surveys at Dutse and Kubwa (village) markets in Abuja showed that the prices of a 50kg bag of rice, such as Big Bull and Optimum, had a marginal drop in April compared to the previous month.

However, foreign rice such as Mama Gold and Royal Stallion are sold at N90,000 per 50kg bag.

A trader in the Dutse market, Amaka Ubani, said that the price of rice dropped marginally to N68,000, from between N72,000 to N84,000 per 50kg of local rice.

“Well, at the moment, there is nowhere rice is sold at N60,000 per 50kg bag, but N68,000 from around N72,000 to 84,000 it was sold in March. Although customers are still complaining that it is still on the high side.

“Foreign rice like Royal Stallion and Mama Gold are not available in the market because they are expensive and mostly rebagged”, she added.

Similarly, Betty Retail shop in Kubwa market confirmed that it sells Big Bull rice at N68,000 per bag.

Other shops visited put their prices between N68,000 and N72,000 for a giant Big Bull and other varieties.

The development comes despite the soaring price of food which rose to 40.01 per cent in March.

Consequently, Nigerians continued to worry about why Naira’s continued gain in the foreign exchange market did not impact the prices of goods and services.
However, Dr Ayo Teriba, the Chief Executive of Economic Associates, explained that the impact of Naira appreciation may be felt in three to six months.