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Nigerian staple prices, including rice and tomatoes, fell about 10% month on month in December as consumer purchasing power weakened. Traders had stored foreign rice that was released after land borders reopened following about 13 months of closure.
A 50kg bag of rice was being offered for N20,000.
Local Nigerian rice price weakness reflects demand and import flows, with little effect on world benchmark prices.
businessday.ngJosephine Okojie-OkeiyiDec 24, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
