Traders Increase Price for Bag of Rice As Christmas Celebration Draws Closer [Video]

• The price of a 50kg bag of rice has once again increased, according to a new market survey report
• Traders have blamed the change in prices due to the depreciation of the naira, which has made imports very expensive
• The National Bureau of Statistics also reported that the average price of 1kg of local rice went up by 152.92%

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Traders have once again raised the price of a 50kg bag just months before the festive shopping season.

According to a market survey, Nigerians now buy a 50kg bag of local parboiled rice for an average of N105,000, higher than the country’s new minimum wage of N70,000.

BusinessDay reports that the price of foreign parboiled rice is now N130,000 …