Prices of imported and local rice have fallen in Kano, following the crash of CFA Francs in the parallel market.
A price survey conducted by the News Agency of Nigeria at the Singer Market in Kano on Sunday revealed that a bag of 50kg of imported rice, which used to cost between N13,800 and N14,500, now sells for N12,500.
NAN reports that Singer Market is the major market for imported rice and other essential commodities in the commercial city of Kano.
The survey further indicated that a 50kg bag of local rice costs N11,000 as against its previous price of N12,500.
A measure of foreign rice, which used to cost between N850 and N900, now goes for N700, just as the price of a measure of the local rice dropped from its previous value of N650 and N700, to N550.
Commenting on the issue, the former Chairman of Singer Market Traders Association, Alhaji Abdul’aziz Dalhatu, attributed the sudden crash in prices of rice in the state to crash of the CFA in the parallel market.
According to Dalhatu, most of the traders use the CFA Francs in purchasing the commodity.
“Before now 1,000 CFA was exchanged for N620, but as at today (Sunday) 1,000 CFA is equivalent to N540,” he said.
Some rice buyers, who spoke to NAN at the market, expressed happiness with the new development.
One of the buyers, Musa Lawan, said he was happy with the reduction in the prices of rice and expressed hope that the Federal Government would relax the ban on rice importation.
Another buyer, Bashir Mohammed, described the crash as a welcome development since it came at a time when Nigerians were expressing concern over the high cost of the commodity.