Naira Redesign: Grains Prices Crash Days After Record Surge

Days after Nigerians woke up to an unusual increase in food commodity prices, reports show that the prices have now collapsed across many major markets in the country.

The prices of maize, rice, soybeans, millet and others across the different grains markets hit the roof, creating panic in the country.

It was gathered that a 100kg bag of maize that was sold at N26,000 last Friday is now selling at N21,000, while a 100kg bag of millet that was sold last week at N27,000  is now N23,000 and the price of a 100kg bag of soybeans that skyrocketed to N37,000 has dropped to N31,000.

Alhaji Ibraheem Garba, attributed the crash in the prices of commodities to what is currently happening to the naira-to-dollar exchange rate.

He said ever since the decline in the exchange rate, prices of commodities in the market began to crash.

Daily Trust

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