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.