Rice Price Rollercoaster: From N85K to N25K
The latest on the Rice Price Rollercoaster in Nigeria shows a significant drop in the price of a bag of rice from around N85,000 to approximately N60,000. This decrease has been attributed to the strengthening of the Naira against the US dollar, with the exchange rate improving to around N1,100 to $1.
The price drop is a relief to consumers, as it makes a staple food more affordable, although the price is still higher than the historical norm of around N15,000 to N20,000 for a bag of rice.
This development is part of the broader economic changes in Nigeria, with the government and economic analysts predicting further decreases in commodity prices due to the stabilization of the Naira.
