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Price Of Local Rice Drops

Wednesday, 11 October 2017

Price of rice on Wednesday at Gadar Bobboji, Kasuwan Bera and Mile Six Markets decreased significantly in Taraba state.

The price of local rice has significantly dropped in some major markets in Jalingo, Taraba.

A survey conducted by the News Agency of Nigeria (NAN) on Wednesday at Gadar Bobboji, Kasuwan Bera and Mile Six Markets, shows that the price has significantly decrease.

A measure of local rice selling between N650 and N750, two to three weeks ago, is now sold between N480 and N550.

Similarly, a bag of local rice sold between N28, 000 and N30, 000 two to three weeks ago is now selling at between N23, 000 and N24, 000.

When contacted for comment, the leader of rice sellers at Gadar Bobboji Market, Alhaji Nura Mohammed, attributed the price decrease to availability of the commodity in the market.

He said that the bumper harvest recorded by farmers in the state had contributed to the increase in supply. Mohammed predicted that the price could drop further ahead of the Yuletides if the current supply of rice to the market was sustained.

It was however discovered that the price of foreign rice has slightly increased in the markets.

A measure of foreign rice which costs N950 two weeks ago is now selling at N1, 000, while a 50kg bag of foreign rice has gone up from N18, 500 to N19, 000.

Source: NAN

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via: INFORMATION NIGERIA

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