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A 50-kilogram bag of rice now costs, on average, N67,000 in Lagos, Abuja, Ogun, and other places, compared to around N90,000 in February 2024, thanks to the naira’s recent surge against the dollar.
According to reports, the price at which this staple was selling in border towns was significantly less than that of the cities.
In Ogun border settlements such as Imeko, Idiroko, Oja-Odan, and others, the going rate for a bag of rice was around N49,000 or less.
Saki, an Oyo State border hamlet, sells bags of rice for N42,000 these days, according to Ms. Mayowa Tosho.
It was revealed that international parboiled rice brands have seen a greater price decline than domestic ones.
cc: Punch Ng
