The Nation Newspaper Commodities prices drop as Naira sustains rally
The rebound in naira exchange rates against the dollar and other global currencies is gradually leading to the drop in some commodities prices in the domestic market, analysts at Financial Derivatives Company Limited, have said.
“Notably, prices of some commodities like rice decreased by 5.26 per cent to N90,000, sugar fell by 5.88 per cent to N80,000/bag, flour experienced a decline of 7.81 per cent to N59,000/bag, and noodles witnessed a significant decrease of 15.22 per cent to N7,800/carton,” he disclosed.“In the short term, we anticipate further moderation in commodity prices as the naira sustains recovery due to improved forex supply.
“This strategic move by the CBN holds the promise of alleviating exchange rate pressures and curbing inflationary tendencies. As the backlog is addressed, the foreign exchange market is expected to experience enhanced liquidity, easing the strain on exchange rate dynamics. Consequently, this development is anticipated to mitigate inflationary pressures, as improved access to foreign currency facilitates smoother import transactions and price stability,” he further stated.
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