Bag Of Rice Falls To N67,000 In Lagos And Abuja

With the recent appreciation of the Naira against the dollar, the cost of certain commodities in Nigeria has begun to witness a decline, particularly rice, a staple food item in the country.

According to recent market surveys, the cost of a 50-kilogram bag of rice has reduced to less than N60,000 in some markets.

However, in major cities like Lagos, Abuja, and Ogun, the average cost hovers around N67,000, which still represents a significant drop from the N90,000 price recorded in February 2024.

Bag Of Rice Falls To N67,000 In Lagos And Abuja

The removal of petrol subsidies and the floatation of the Naira in the middle of last year had previously led to a surge in food prices, contributing to high inflation rates.

During the period between February and March, as the Naira depreciated against the dollar, the cost of rice skyrocketed, reaching as high as N90,000 in Lagos alone.

However, the recent appreciation of the Naira against other currencies, coupled with shifts in market dynamics and government policies, has resulted in a notable decrease in rice prices, much to the relief of Nigerians.

This downward trend in prices reflects a positive development for consumers across the country, signaling a potential easing of economic pressures and a return to more affordable living costs.

With the news of the significant drop in the cost of a bag of rice, some Nigerians took to X to share their relief and optimism for better economic conditions.