Lagos Trader Reacts as a Bag of Rice Sells for N43,000 at a Popular Market.

The cost of commodities has remained unstable in the wake of recent developments in Nigerian society. Prior to the celebration, the cost of rice, a foodstuff whose price has recently increased, has decreased. The large grain foreign rice bag was offered for sale at N43,000 instead of its previous price of N46,000, which astounded shoppers at a popular market in Lagos State. Traders are not pleased with the market current state, which has been brought on by the recent economic struggles. With only two months till Christmas and New Year celebrations, rice prices, a product with significant demand in the Lagos market, have fluctuated. The depreciation of the naira is one of the major factors contributing to the hike in the cost price of goods in Nigeria and the Lagos market is paying hugely for that as the supply of goods from neighboring states and countries is threatened by the cost price of rice in major states in Nigeria has been unstable considering the flooding and exchange rate which has affected some business owners in the country and their patronage witnessed. A  bag of rice, foreign rice long grain was sold from N45,000 upwards as against its old price of N35,000 and a bag of local rice without stones sells from N35,000 as against its old price of N27,000 and N28,000 in Major markets across Lagos state.