Dollar crash is legit – Nigerians react as price of rice reduces from N90,000 to N42,000 per bag

Nigerians have expressed excitement as the price of a bag of rice dropped from N90,000 to between N42,000 to N67,000 in Abuja, Lagos, Ogun, and some other states.

This crash in the price of rice, may not be unconnected with the rebound of the naira against the dollar.

In some communities close to the country’s borders with other countries, it was gathered that a 50kg bag of rice was selling at a much lower rate compared to what was obtained in the cities.

For example, in Ogun border communities like Imeko, Idiroko, Oja-Odan, and others, a bag of rice was selling for around N49,000 or below, according to Punch.

According to Mayowa Tosho, a bag of rice now sells for N42,000 at Saki, a border community in Oyo State.

Recall that the removal of subsidy on petrol and the floating of the naira by the Bola Tinubu administration in 2023 shot up the prices of food items, leading to high inflation.

As the dollar fell against the dollar, the price of rice soared to as high as N90,000 in Lagos between February and March.

However, a visit to various markets across Lagos, Abuja, Ogun, and others, confirmed that the food items were on a downward trend.

Selected rice sellers in Agege and Oshodi markets said the price of rice had been reduced to between N65,000 and N63,000 compared to December 2023 and January 2024, when the staple was sold between N75,000 and N80,000.

The traders noted that the long grain rice, which sold between N42,000 and N50,000 mid-last year, jumped to N80,000 in January 2024.

In Oshodi, Ogechukwu Amadi noted that she bought a bag of rice between N74,000 and N76,000 in December and sold it for N83,000 during the period.

According to Amadi, she now buys rice for around N60,000 and sells it for N63,000.

“Our purchase rate will always determine our selling price. In most cases, wholesalers usually add about N2,000 to their selling price, and this has caused non-uniformity in the prices traders sell in the market.

“In December, I was buying between N74,000 and N76,000. But I now sell for N65,000 and sometimes N62,000, depending on who sold the stock to me,” she said.

Another trader in the Agege market, who simply identified himself as Ade said the price of the 50kg bag of rice had been reduced to around N60,000.

“We can only thank God that the hardship is not as serious as it was in February. Rice practically turned gold, but we thank God today. I wish it could return to N40,000,” he said.

Similarly, the price of a 50kg bag of rice dropped in different parts of Ogun State.

Checks reveal that the prices differ based on the proximity of the areas to the borders with the Republic of Benin, as communities like Imeko, Ilara, Idiroko, Ipokia, Oja-Odan, and others get the commodity cheaper.

“I bought one bag of rice for N47,000 in Ilara last week. It was close to N70,000 in February and March, even here at the border. But now it is coming down,” a trader, who identified herself as Adeyinka, said on Monday.

Meanwhile, Nigerians have expressed delight on social media over the drop in the price of the product.

@mr_asiwaju said; “Bag of foreign rice is now 53,000. Na Nigeria rice price we no know. they are still selling old stock.”

@am_BinHamzat wrote; “Is like this Naira appreciation is legit ooo😅 we started seeing changes at the market. Phone price is down Rice price is diwn. Shadda price and other materials are down.”

@st_ralp said; ” Dollar is crashing. Diesel is crashing at 1000 now. Rice price is coming down. May Tinubu succeed.”