Financial Derivatives Company Limited analysts claim that certain food items’ prices have started to rise in tandem with the ongoing naira appreciation.
The Naira recovered to N1,260/$ on the official market and N1,125/$ on the parallel market, according to Managing Director of Financial Derivatives Company Limited Bismarck Rewane’s email message to investors, which was made public over the weekend.
The research claims that the costs of noodles, sugar, rice, and wheat have gone down.
He revealed, “Notably, prices of some commodities decreased significantly: sugar fell 5.88 percent to N80,000/bag, rice (50 kg) decreased by 5.26 percent to N90,000, flour saw a decrease of 7.81 percent to N59,000/bag, and noodles (carton) saw a significant decrease of 15.22 percent to N7,800/carton.