Home
PRICE OF 50KG BAG OF RICE DROPS TO N54,000 IN KWARA, MAY SELL FOR N30,000 SOON
Residents of Ilorin, Kwara State’s capital, are celebrating because rice prices in the state have dropped significantly.
A 50kg bag of rice now costs between ₦52,000 and ₦54,000. This represents a significant decrease from ₦80,000 during Ramadan and ₦65,000 a week ago.
Some vendors predict a price drop to ₦30,000 or ₦25,000 in the coming days.
This drop is attributed to the naira’s recent appreciation against the dollar, among other factors.
Pastor Adeyanju Adeyemo, a rice seller, predicts a monthly price of ₦25,000, down from the current ₦54,000.
“Last week it was N61,000, but now it is N54,000. And I have told my customers that if this trend continues, it could drop to N25,000 in the next month,” he said.
Mr. Abdullateef AbdulAfeez, another vendor, confirmed that they are currently selling a 50kg bag for ₦52,000 and anticipate a price drop to ₦30,000 soon.