The cost of a 50-kilogram sack of locally parboiled rice has decreased by 19%, now at N68,000 from N84,000 in February, despite the increasing food inflation trend.
A recent survey conducted by NewsNow at Dutse and Kubwa markets in Abuja revealed a slight dip in the prices of 50kg rice bags, including brands like Big Bull and Optimum, during April compared to the previous month.
On the other hand, foreign rice varieties such as Mama Gold and Royal Stallion continue to be priced at N90,000 for a 50kg bag.
Amaka Ubani, a trader at Dutse market, mentioned that the rice prices dropped marginally to N68,000 from the previous range of N72,000 to N84,000 per 50kg for local rice, although customers still view the prices as high.
“Currently, a 50kg bag of rice is not being sold at N60,000, but the price has come down to N68,000 from the N72,000 to 84,000 range it was in March. Nevertheless, customers still find it pricey,” she commented.
She also added that foreign rice types like Royal Stallion and Mama Gold are scarce in the market due to their high cost and are typically repackaged.
At Betty Retail shop in Kubwa market, Big Bull rice is retailing at N68,000 per bag, and other stores in the vicinity are offering prices between N68,000 and N72,000 for various types of rice.
These price adjustments are happening against the backdrop of a significant increase in food prices, which surged to 40.01% in March, leading to concerns among Nigerians about the apparent lack of impact of the Naira’s strengthening in the foreign exchange market on the prices of goods and services.
However, Dr. Ayo Teriba, the Chief Executive of Economic Associates, has shed light on the situation by explaining that the effects of the Naira’s appreciation may take three to six months to be fully felt.
Naira appreciation will impact inflation between three to six months – Teriba