The appreciation of the Naira against the dollar and other global currencies has led to a gradual decrease in the prices of some commodities in the domestic market.
According to analysts at Financial Derivatives Company Limited, the prices of some food items have begun to adjust in line with the sustained naira appreciation.
Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the Naira at both the official and parallel markets rebounded to N1,260/$ and N1,125/$, respectively.According to the report, the prices of rice, sugar, flour, and noodles have decreased.
“Notably, prices of some commodities like rice (50kg) decreased by 5.26 per cent to N90,000, sugar fell by 5.88 per cent to N80,000/bag, flour experienced a decline of 7.81 per cent to N59,000/bag, and noodles (carton) witnessed a significant decrease of 15.22 per cent to N7,800/carton,” he disclosed.
Rewane explained that prices will likely reflect the naira appreciation as more businesses begin to stock up their inventory.