Residents of Ilorin, the Kwara State capital, are in a joyful mood following the recent crash in the price of rice in the state.

The price of rice, which is a staple food for most families and individuals, has decreased significantly in the state, with a 50kg bag currently selling for between ₦52,000 and ₦54,000.

Some rice vendors who spoke on the new price of rice in Kwara State projected that the price of a 50kg bag of rice may drop as low as ₦30,000 or ₦25,000 in the coming days.

They attributed the price crash to the recent appreciation of the naira against the dollar, along with other contributing factors.

A rice seller in Ilorin, Pastor Adeyanju Adeyemo, who spoke to City & Crime about the reducing prices, said a 50kg bag of rice may as well sell for N25,000 in a month’s time.

“Last week, it was N61,000, but now N54,000. And I have told my customers that with this trend, in another one month, it may drop to N25,000,” he said.

Also, Mr. Abdullateef AbdulAfeez, who confirmed that they are currently retailing a 50kg bag for N52,000, mentioned that they anticipate a drop to N30,000 in the near future due to the prevailing favourable circumstances.