PUNCH
Following the recent rebound of the naira against the dollar, the price of a 50 kilogramme bag of rice has dropped to an average of N67,000 in Lagos, Abuja, Ogun, and others, from about N90,000 in February 2024.
In communities close to the borders, our correspondents gathered that the staple 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 Ms Mayowa Tosho, a bag of rice now sells for N42,000 at Saki, a border community in Oyo State.
Our correspondent gathered that the prices of foreign parboiled rice had dropped more than those of local brands.
The PUNCH reports that former President Muhammadu Buhari banned the importation of rice through the land borders in 2015.
The Federal Government, through the Nigeria Customs Service, said rice should only be imported through the seaports after the payment of all necessary duties.
In the same year, the Central Bank of Nigeria prohibited the importers of rice and 41 other items from accessing foreign exchange through the official window, to promote local production.
