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Prices of food items slip as dollar crashes further

By on March 27, 2017

Price of food Items in some markets across the country has began to reduce due to the appreciation of naira against the United States Dollar.

Our reporters gathered from Suleja market, one of the main source of commodities for Abuja  that items that showed significant reduction in price are palm oil from N25,000  in last three weeks to N10,700/ 25litres; Flour from N11,200 to N10,700/ 50kg; Vegetable oil from N16,500 to N13,700/25 litres; Rice from N18,800 to N15,700/ 50 kg; sugar from N19,500 to N18,000/50kg.

Also in singer market Kano reports said the prices have begun to reduce in recent times, as many of the marketers that hoarded commodities are beginning to release them at lower prices.

A trader in Utako Market, Abuja, Idris Ibrahim, said not much has been reduced in prices of the commodities but hoping that very soon the prices will come down.

US dollar, Euro and the Pound, exchanged at the parallel market over the weekend at the rates of N380, N410 and N490, respectively,

The Central Bank of Nigeria (CBN) yesterday revealed plans of another round of interventions in the interbank market that may likely keep the momentum in the forex market.

Speaking at the weekend, the Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, confirmed the plan to inject more foreign exchange into the forex market.

According to him, the move underscored the commitment of the CBN to sustain the tempo of liquidity in the interbank market for the sake of different categories of genuine end-users.