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Nigeria closed its land borders in August to curb smuggling, and retail rice prices in a 50kg bag rose over 40%, from N15,000 to N22,000. The central bank urged millers to avoid excessive price hikes.
Border closures tighten Nigerian rice supply and raise domestic prices, increasing import demand pressure in that market. The effect on global benchmark rice prices is limited.
businessday.ngBusinessDayOct 25, 2019After 100 past neutral policy events, Rough Rice moved a median +0.0% over 5 sessions (51% higher; middle half -2.6% to +2.3%), and +0.7% over 20.
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.
