This is according to S&P Global’s recent report on the commodity.
The report said that the West African rice market has slumped to a near two-year low as supplies flood regional markets following India’s removal of export duties on parboiled rice.
The reduction in the price of rice was attributed to the influx of the commodity to Nigeria’s neighbouring Benin Republic.
from Dailypost
Market people hear only when prices increase,they don't hear when prices of commodities drop.
ReplyDeleteEven when the price falls some of them will not adjust. They will tell you that they are still selling old stocks.
DeleteExactly anon. They'll tell you they won't reduce cause they're selling old stocks but they don't remember it is old stocks when prices increases.
DeleteNa so dem dey do o
DeleteIt has reduced yet the vendors still sell #270 per cup here. Nigerians are so wicked and greedy
ReplyDelete270 per cup.
DeleteMy area is 400 & 450 per cup.
Hmmmmm
ReplyDeleteGood news oooo
One Derica of Small Foreign Grain Rice is 1,200 Naira ...
Hello iya Boys
It should continue dropping, including everything, we're tired of buying expensive things with scarcity of money.
ReplyDeleteAbi o
DeleteThis is the best time to buy in bulk
ReplyDeleteLet it keep reducing o. We thank God
ReplyDeleteYeah it has dropped drastically for about a month now although we have different grades of rice, so you don't expect every vendor to sell cheap rice.
ReplyDeleteI sell the one of #1050 and #1200 but my people here prefer the #1050 .
Once money enter na to buy like three bags keep because we fit wake tomorrow, make e don reach #75000 again.
I pray the market price will reduce also
ReplyDeleteGood news if it's true, still high though.
ReplyDeleteThey should monitor it for implementation.
Because market people go say they paid almost half of this amount for transportation, hence the high price.
Fuel really needs to drop to N400 at least.😎
the issue here is not announcing on social media the price reduction but the implementation. The is no one to monitor it so that market people can reduce the price. You hear cost of so so so is down but go to the market and still buy it at high rate. Why is the price of dollar not coming down?
ReplyDeleteRice is still expensive in Abuja...No rice of 70k here
ReplyDeleteHope it will drop Soon here
Even that one you said its 70k and above are Nigerian rice oo. Ask them of foreign rice they will be giving you 100k plus meanwhile for southwest its 60k plus at most. I don't know their problem in this city for real
DeleteWill market people agree? Greedy people joining hand to frustrate Nigeria
ReplyDeleteA bag of rice is now 63k, there are lesser ones depending on the quality
ReplyDeleteNice One
ReplyDeleteI pray that Market People will change with the Price Flow
They will now rush and buy new Stock and still tell lies
We are yet to feel the impact here
ReplyDeleteNaija my country 🤣
Alhamdulillah
ReplyDeleteLet the price keep coming down
Here it is still the same o no any reduction. A mudu is sold for 2700/2800 for stone free while jemila is 2200 per mudu.
ReplyDeleteThe price of garri has increased again.
We bought a bag 62k last week. We need it to drop more. God help us in this country.
ReplyDeleteNice one
ReplyDeleteI pray they reduce it at the market, o because anything that goes up no dey come down again for this country.
ReplyDeleteYes, the price has dropped, one derica of rice is #900.
ReplyDelete🙄🙄 mehn, you people for that side just dey enjoy anyhow
DeleteThank God
ReplyDeleteYimu! I still bought a bag of mango rice just before Easter for 83,000 Naira at Oil Mill, in Port Harcourt
ReplyDelete