Economy

Price of Foreign Rice Drops as Beans, Garri, Tomatoes Rise

Published

4 years ago

01/09/2021

By Ashemiriogwa Emmanuel

The average price of a kilogram (Kg) of rice (imported high quality sold loose) reduced from N557.98 in June to N552.80 in July 2021, indicating a 0.9 per cent drop.

Data on the National Bureau of Statistics (NBS) Selected Food Prices Watch Report (July 2021), however, revealed that the average cost of the staple grain in the market increased year-on-year by 12.7 per cent as it went from N490.44 a year ago to N552.80 in the period under review.

The food crop similarly witnessed an average price increase in other variations of which it is largely produced across the country.

In the report, the average price of 1kg broken rice, popularly known as Ofada, increased by 1.1 per cent to N477.08 from N472.07 in June, while on a year-on-year basis, it rose by 11.9 per cent from N426.36.

It was disclosed that Lagos State recorded the highest increase in the average cost of 1kg Ofada rice at N844.13, while the lowest was in Nassarawa State at N270.46.

The stats office further said that Nigerians paid N456 to purchase 1kg of medium-grained rice, 1.9 per cent higher than N441.49 it was sold in June and 11.0 per cent higher than the price a year ago.

In Bayelsa State, residents bought the medium-grained rice at N602.57 per kg, the highest in the country, while the lowest price was paid by those living in Adamawa State at N288.67 per kg.

A look at the average price of brown beans in the period under consideration, it stood at N485.44/kg, 3.01 per cent more than N439.22 in June.

The grain recorded the highest average price in Enugu State at N896.32 per kg, while residents of Bauchi State bought it at an average price of N211.4 per kg, the lowest in the country.

Similarly, its alternative, white black-eyed Beans was sold for N444.21/kg, 2.9 per cent higher than N431.79 it was sold a month earlier, while people in Enugu bought the food item at N782.04/kg with residents of Bauchi paying N214.07 for the same measurement.

As for Nigeria’s most popular carbohydrate staple, Garri, the average price of its white variant went up by 1.5 per cent in July to N329.20 per kg from N324.26 per kg in June, with the lowest and highest average cost of the product recorded in Taraba (N208.4) and Ebonyi (N500.96) respectively.

The yellow Garri was relatively sold on average for N347.70 per kg, 2.6 per cent higher than the price a month earlier, while the highest average price stood at N540.47 in Ebonyi and the lowest at N216.28) in Kwara state.

NBS said in the report that the average price of 1kg of yam tuber increased month-on-month by 7.4 per cent to N308.72 in July from N287.54 in June 2021 as Ekiti recorded the highest average price of N532.47 and the lowest in Taraba at N111.98.

As for its alternative, Irish potatoes, the average cost increased to N380.21 from N356.44 within the period as consumers bought it at the highest average price in Bayelsa at N837.24 and lowest in Plateau State at N154.76.

The food price report further said there was a 5.9 per cent rise in the average price of beef (boneless) to N1,660.76 per kg in July from N1,567.26 per kg in the previous month.

The highest average price was in Ebonyi at N2,416.8, while the lowest average cost was in Gombe State at N1,232.95.

According to the report, a litre of groundnut oil was sold on average for N768.81 in July, 5.5 per cent higher than the N728.43 it was sold in the preceding month. However, Kogi State recorded the lowest price at N495.8, while the highest was in Delta State at N1,222.96.

Similarly, the average price for palm oil rose by 4.3 per cent within the reference period from N609.21 per litre to N635.31 per litre in June 2021, while the highest price was in Lagos at N810 and the lowest price in Kwara at N406.67.

In the period under review, the price of 1kg of tomatoes significantly increased by 23.7 per cent to N414.83 from N335.46 in June. Given that tomato farming is predominantly done in the northern part of the country, Adamawa recorded the lowest average price of N102.41, while the highest was in Edo at N836.68.

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Economy

NASD Index Opens Week in Green Territory After 0.15% Growth

Published

43 minutes ago

18/03/2025

Adedapo Adesanya

By Adedapo Adesanya

There was a 0.15 per cent appreciation at NASD Over-the-Counter (OTC) Securities Exchange on Monday March 17, with the NASD Unlisted Security Index (NSI) increasing by 4.90 points to close at 3,368.64 points, in contrast to last Friday’s 3,363.74 points and the market capitalisation of the bourse rose by N2.83 billion to settle at N1.945 trillion compared with the preceding trading day’s N1.942 trillion.

Okitipupa Plc gained N7.66 during the session to close at N307.66 per unit compared with the preceding session’s N300.00 per unit, FrieslandCampina Wamco Nigeria Plc expanded by 78 Kobo to settle at N39.01 per share versus last Friday’s price of N38.23 per share, and Geo Fluids Plc grew by 6 Kobo to trade at N2.90 per unit, in contrast to the previous trading day’s N2.84 per unit.

On the flip side, Afriland Properties Plc lost N2.01 to close at N21.19 per share compared with its previous rate of N23.20 per share.

Yesterday, the volume of securities traded at the bourse went down by 55.8 per cent to 288,383 units from the 652,237 units recorded last Friday, the value of securities traded by investor depreciated by 45.3per cent to N18.2 million from the N33.1 million quoted at the preceding session, and the number of deals executed at the first session of the week shrank by 27 per cent to 27 deals from 37 deals.

When the market closed for the session, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with a turnover of 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.4 million units sold for N357.0 million.

Also, Impresit Bakolori Plc remained as the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 69.9 million units sold for N23.7 million, and Afriland Properties Plc with 17.4 million units valued at N357.0 million.

Economy

Naira Depreciates 0.63% to N1,531 Per Dollar at Official Market

Published

1 hour ago

18/03/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira depreciated against the United States currency at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday by N9.61 or 0.63 per cent to settle at N1,531.98/$1, in contrast to last Friday’s value of N1,522.37/$1.

Similarly, the Nigerian currency weakened against the Pound Sterling during the trading session by N20.41 to quote at N1,984.61/£1 compared with the previous trading day’s rate of N1,964.20/£1 and against the Euro, it tumbled by N14.68 to sell for N1,668.46/€1 versus the preceding session’s value of N1,653.78/€1.

The depreciation trend continued after the exchange rate had appreciated just once over the last week as supply factors and the Dollar strengthening across the global market continues to impact other local currencies.

Nigeria’s inflation cooled to 23.18 per cent in February, a month after the National Bureau of Statistics (NBS) rebased its Consumer Price Index (CPI) to reflect changes in consumption patterns. A month earlier, the inflation was 24.48 per cent.

However, the the domestic currency appreciated against the US Dollar in the official market yesterday by N5 to quote at N1,585/$1 compared with the previous session’s N1,590/$1.

In the cryptocurrency market, most of the tokens fell as investors expect the US Federal Reserve to keep interest rates steady this week, with analysts saying policymakers might pause or stop the central bank’s balance sheet runoff.

There are also trade tensions and concerns around a slowdown in the US economy at a time when it is increasingly uncertain how much more accommodation the US central bank can offer.

Solana (SOL) slumped by 2.8 per cent to trade at $125.04, Litecoin (LTC) fell by 2.7 per cent to $89.70, Dogecoin (DOGE) lost 2.5 per cent to settle at $0.1673, Ripple (XRP) dropped 2.2 per cent to end at $2.28, Cardano (ADA) slid by 1.5 per cent to $0.7072, Bitcoin (BTC) crashed by 0.4 per cent to $83,103.91, and and the US Dollar Tether (USDT) went down by 0.03 per cent to $0.9998.

Conversely, Binance Coin (BNB) appreciated by 0.8 per cent to $634.55, and Ethereum (ETH) added 0.5 per cent to close at $1,907.25, while the US Dollar Coin (USDC) was flat at $1.00.

Economy

Crude Oil Rises as US Vows to Intensify Attacks on Houthis

Published

1 hour ago

18/03/2025

Adedapo Adesanya

By Adedapo Adesanya

Crude oil rose on Monday after the United States vowed to keep attacking Yemen’s Houthis until the Iran-aligned group ends its assaults on shipping, which is affecting prices.

As a result, Brent futures went up by 49 cents or 0.7 per cent to $71.07 per barrel and the US West Texas Intermediate (WTI) crude futures gained 40 cents or 0.6 per cent to settle at $67.58 a barrel.

The US carried out airstrikes that reportedly killed at least 53 people.

This is the biggest US military operation in the Middle East since President Donald Trump took office in January.

According to Reuters, the Red Sea port city of Hodeidah and the Al Jawf governorate north of the capital Sanaa were targeted on Monday.

Mr Trump said on Monday he would hold Iran responsible for any attacks carried out by the Houthi group that it backs in Yemen.

Meanwhile, the Houthi group said it would target US ships in the Red Sea as long as the country continues its attacks on Yemen.

Also, Chinese economic data buoyed hopes for higher demand.

Retail sales growth quickened in the world’s largest oil importer in January-February, indicating positive signs to boost domestic consumption.

However, unemployment rose and factory output eased.

Support also came as the US Dollar eased against a basket of currencies as investors worried about the economic fallout from President Trump’s protectionist trade policies.

A weaker Dollar makes oil less expensive for overseas buyers, boosting demand.

On the supply front, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) plan to raise oil output from April has also pressured prices.

However, market analysts noted that the prospect of tighter US sanctions against Iran more than offsets the gradual OPEC+ production increase.

The market will also looking forward to and to the Russia-Ukraine war as President Trump said he would speak to Russian President Vladimir Putin on Tuesday about ending the Ukraine war.