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The cost of a 50kg bag of rice has dropped to between ₦52,000 and ₦54,000, a significant reduction from the ₦80,000 during Ramadan and ₦65,000 just a week ago.
However, the people of Ilorin, the capital of Kwara State, are experiencing a sense of happiness due to the recent decrease in the price of rice.
Some rice sellers in Kwara State predict that the price may further decrease to as low as ₦30,000 or ₦25,000 in the coming days.
This drop in price is attributed to the recent strengthening of the naira against the dollar and other contributing factors.
Mr. Abdullateef AbdulAfeez also confirmed that they are currently selling a 50kg bag for N52,000 and expect it to drop to N30,000 soon due to favorable circumstances.
An X user @Morris_Monye said Rice paddy is N35k to N40k. Depending on location of paddy grain, stating that Rice paddy is not actual rice.
"Anyways except they are selling half rice half stone but everyone should enter market near them to buy rice". @Morris_Monye said
