The fall in the exchange rate of naira to a dollar, from N600 to $1 now N710 to a $1, has seen the cost of bags of rice go higher in the market.
The fall of the naira which definitely will affect the prices of most consumer goods in the market has begun affecting the cost of a bag rice in the market, forcing the price to shoot up to between N32,000 and N52,000.
Nigerians are in for a difficult time as things will get expensive, and the economy is not getting better. Workers salaries are not increasing yet prices of foods stuff keeps shooting up in the market.
Information gathered shows that the price of bags of rice has tremendously soared high in the market. Bags of rice which formerly sold for between N22,000 to N27,000 respectively now sales for the following amount.
A bag of Royal Stallion now costs N33,000 while Cap rice sells for N32,000. Mama’s Pride is currently selling at N38,000 as Premium rice sells for N52,000 in the market.
The common man on the street who survives on under $1 a day would find it extra-ordinarily difficult to cope. The naira is difficult to come by and even when it comes, there are enough expenses waiting on ground to grab it by the jugular, thus the cycle continues.
The government of President Muhammadu Buhari has and is still making life difficult for Nigerians to cope, little wonder why most people are looking for the best opportunity to jet out of the country.
Recall, that the Minister of Finance, Budgeting and Planning, Zainab Ahmed, recently told Nigerians that this administration has done well, scoring it even better higher than past administrations.
The question then is where are the pointers to the achieve of this administration, because Nigerians are really suffering.