With the recent strengthening of the Naira against the dollar, the cost of various goods in Nigeria has begun to fall, most notably rice, the country’s main grain. Market surveys show that the average price of a 50-kilogram bag in major cities such as Lagos, Abuja, and Ogun has dropped to N67,000, a substantial decline from the N90,000 price tag recorded in February 2024.
The withdrawal of petrol subsidies and the floatation of the naira in the middle of last year caused a spike in food costs, adding to high inflation rates. Between February and March, when the Naira fell against the dollar, the cost of it surged, reaching up to N90,000 in Lagos alone.
However, the Naira’s recent strengthening against other currencies, combined with shifts in market dynamics and government policy, has resulted in a significant fall in prices, much to the relief of Nigerians. This downward trend in pricing is a good indication for consumers across the country, indicating that economic pressures may ease and that living costs will return to more affordable levels.
Following the news of a considerable decline in the price of a bag of rice, numerous Nigerians turned to X to express their relief and hope for better economic situations. Bottom line: As members of the opposition, we can resist Tinubu without fighting Nigeria. And if we condemn when things go wrong, we should certainly commend when they go right!”
In addition to the significant decline in prices, several other commodities in Nigeria have seen their formerly high costs reduced. One such commodity is fuel, which has experienced a huge price drop following an announcement by Dangote Petroleum Refinery. The refinery proclaimed a drop in the cost of both diesel and aviation fuel, with rates currently set at N940 and N980 per litre, respectively.
This represents the third big fall in diesel price within less than three weeks, with prices originally ranging from N1,700 to N1,200, then further reducing to N1,000, and now reaching N940 per litre. Similarly, aviation fuel prices have reduced to N980 per litre.
Rice
Conclusion
A recent poll done in the country found that the prices of several mobile phones had dropped since the Naira’s rise versus the dollar. This extra price drop is part of a larger trend of lower costs across multiple industries, indicating the positive influence of market dynamics and economic policies on consumer affordability.
Source: Vanguardngr.com
