The price of parboiled rice has dropped for the first time this year in April, bringing relief to households and reducing pressure on them.

BusinessDay’s market survey across Lagos shows that a 50kg bag of foreign parboiled rice has declined 20 percent from an average of N90,000 to N72,000 in four months, a decline experts attributed to naira rebound.

Similarly, a 50kg of locally parboiled rice dropped 11.7 percent from an average of N77,000 to N68,000 within the period, a decline experts attributed to reopening of the Nigeria-Niger land border.

After losing 43 percent of its value against the dollar earlier this year, the naira gained 34 percent from mid-March to early April, the highest gain among global currencies and the best performing currency in March, according to Bloomberg.

“I’m happy that rice prices have reduced because as a caterer when I give estimates to my customers, I always factor in price variation so I can pay my workers,” a caterer in Owoshoki area of Lagos who simply gave her name as Olamide.

Source: Business Day