MediaReportsNG

Uncover The Stories That Matter

Notification Show More
Font ResizerAa
  • Home
  • News
    News
    Show More
    Top News
    Eid-El-Fitri: PDP Chieftain Oludamilola-ALA Charges Muslims To Uphold Teachings Of Ramadan
    April 11, 2024
    FG Bows To Pressure, Adds Thursday To Eid-El-Fitr Public Holidays
    April 9, 2024
    Oyo Assembly Kicks Against Invasion Of Agodi Secretariat By Oodua Nation Agitators
    April 16, 2024
    Latest News
    FG Plans Nationwide Flood Awareness Campaign For May 2025
    April 14, 2025
    Relief Ahead As Petrol Prices Expected To Fall Under FG’s Naira Trade Plan
    April 10, 2025
    Pascal Dozie, Founder of Defunct Diamond Bank, Dies At 85
    April 8, 2025
    Makinde Expresses No Objection To Sharia Law
    March 27, 2025
  • Business
    Business
    Show More
    Top News
    JUST IN: Shell Signs Agreement to Build Gas Pipelines in Oyo State
    May 3, 2024
    Unions Threaten To Cut Tomato Supply To Lagos Amid Market Clash
    May 6, 2024
    Oyo Govt, SMEDAN to train Nano Business Owners
    May 23, 2024
    Latest News
    Anniversary:AVO PIZZA Celebrates 3 Years Of Excellence and Innovation
    September 30, 2024
    JUST IN: Diageo to Sell Guinness Nigeria To Tolaram
    June 11, 2024
    Oyo Govt, SMEDAN to train Nano Business Owners
    May 23, 2024
    Unions Threaten To Cut Tomato Supply To Lagos Amid Market Clash
    May 6, 2024
  • Technology
    TechnologyShow More
    FG signs MoU With Chinese Coy to Assemble Electric Tricycles, Establish First Renewable Energy Academy in Nigeria
    September 3, 2024
    NiMet Forecasts 3-Day Sunshine, Haziness From Monday
    May 6, 2024
    Apple VS Samsung– Can a Good Smartwatch Save Your Life?
    August 30, 2021
  • Entertainments
    Entertainments
    Show More
    Top News
    Mohbad’s Death: Autopsy Reveals Possible Drug Reaction
    June 7, 2024
    Second Autopsy to Be Conducted On Mohbad
    June 27, 2024
    JUST IN: Onyeka Onwenu Slumps during Performance, Dies At 72
    July 31, 2024
    Latest News
    2024: Davidaino Wraps Up Year With Three Singles, Unveils New Record Label ‘Brainiac’
    December 30, 2024
    Supreme Forum of Yoruba Youth Honors Ace Fuji Musician, Alabi Pasuma with Prestigious Award
    December 2, 2024
    CEO Purified Entertainment Agboola Babawale Urges Govt to Engage Youth For Nation’s Productivity 
    August 11, 2024
    JUST IN: Onyeka Onwenu Slumps during Performance, Dies At 72
    July 31, 2024
  • Videos
    VideosShow More
    VIDEO: My Impeachment As Deputy Governor A Threat To Democracy – Shaibu
    April 8, 2024
    Olubadan Stool: Moradeyo Sues For Peace
    April 8, 2024
    Fasting: Oludamilola- ALA Sponsors Ramadan Lecture, Preaches Unity, Peace – Watch Video
    April 4, 2024
    Binance executives to be charged for money laundering
    April 3, 2024
  • Pages
    • Contact US
  • YouTube
Reading: Inflation: MediaReports X-Rays Market situation
Share
Font ResizerAa

MediaReportsNG

Uncover The Stories That Matter

  • Technology
Search
  • Home
  • News
  • Business
  • Technology
  • Entertainments
  • Videos
  • Pages
    • Contact US
  • YouTube
Follow US
Home » Blog » Inflation: MediaReports X-Rays Market situation
Business

Inflation: MediaReports X-Rays Market situation

Media Reports
Last updated: April 8, 2024 11:47 am
Media Reports Published April 8, 2024
Share
SHARE

The persistent inflation rate in the country is becoming increasingly alarming, particularly due to the continuous rise in the prices of food items.

In this report, mediareportsng take a market survey of food items despite the appreciation of the naira against the dollar at the parallel market.

In the past few days, the naira has been appreciating against the US dollar following some foreign exchange reforms by the Central Bank of Nigeria, CBN.

Although the naira has appreciated significantly against the dollar in the last few weeks, much to the relief of many Nigerians, the prices of some foodstuffs are yet to fall to a reasonable level.

Despite the recent appreciation of the naira against the US dollar, the prices of food items continue to rise, causing concern among consumers and traders alike.

While the exchange rate at the parallel market stands at #1,250 per dollar, the prices of staple food items remain relatively high, causing strain on household budgets.

Based on a market survey in Ibadan, it was revealed that a bag of rice that was sold between #75,000 and #80,000 when the exchange rate was #1,700 per dollar is now around #70,000.

Similarly, the price of garri has skyrocketed from #50,000 to #60,000 to a staggering #110,000 per bag, while beans have surged from #35,000 to #40,000 to #82,000 per bag.

Despite hopes for a reduction in food prices following the appreciation of the naira, consumers continue to feel the burden of high food costs.

Some of those who spoke with mediareportsng expressed their concern about the burden of a hike in the cost of food, which has remained relatively high.

Traders in their demoralized mode also express the array of challenges they face in their daily transactions while hoping for an intervention to alleviate the suffering of the citizens.

They called on the government at all levels to implement measures to address the escalating cost of living and ensure food security for all.

You Might Also Like

Anniversary:AVO PIZZA Celebrates 3 Years Of Excellence and Innovation

JUST IN: Diageo to Sell Guinness Nigeria To Tolaram

Oyo Govt, SMEDAN to train Nano Business Owners

Unions Threaten To Cut Tomato Supply To Lagos Amid Market Clash

JUST IN: Shell Signs Agreement to Build Gas Pipelines in Oyo State

Share This Article
Facebook Twitter Whatsapp Whatsapp Telegram Email Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Find Us on Socials

Most Viewed Posts

  • 30th Anniversary:Baptist High School Saki 94 Set Donates Learning Materials Worth Over 1 Million Naira
  • Rivers State Civil Service Salary Structure – 2024
  • FG Bows To Pressure, Adds Thursday To Eid-El-Fitr Public Holidays
  • Sooyah Bistro Opens Ibadan Branch, Marking 10th Location and First Outside Lagos
  • Ace Broadcaster Imoyosola Presents 2 Motorized Boreholes, Toilet To Fiditi Communities 

Categories

  • News
  • Entertainments
  • Business
  • Technology
  • Streaming
  • Features

© 2024 Media Reports. All Rights Reserved. Modify By Carthex

Welcome Back!

Sign in to your account

Lost your password?