Prior to August, the Central Bank of Nigeria CBN had placed Forex ban on over 41 food items with Rice being the most prominent. The Federal Government in support of the move had stated that the country had gotten to a stage where food production had reached some level of satisfactory.

However, in the early weeks of August, the FG via the CBN, made it known that Forex ban has been placed on food items. A report further claimed that Pres. Muhammadu Buhari said “ Don’t give a cent to anybody to import food into the country,” to the apex bank.

But it looks as though Rice sellers are already fighting back in terms of an hike in the price.
According to the report gathered by Zapgist on Thursday, the price of Rice has risen from N500 per bowl to N650.

The report hinted that the increase in the price of rice has been on since a week ago and most buyers have been forced to turn to other food items since they are unable to meet up with the sharp increase in price.

Only time we tell if the supplier of rice will be able to maintain the new price with the low demand.

You can as well share the situation of the price in your present location at the moment.
https://zapgist.com.ng/2019/08/29/forex-ban-on-food-items-the-rise-in-the-price-of-the-prominent-rice/

cc lalasticlala

God bless Nigeria

Nobody disputed the price was going to rise. If they ban wheat imports imports expect bread prices to rise. Also expect fish prices to rise. I doubt production will ramp up enough for like wheat or rice to lower price significantly.

Rice just added N2000 in the last two days