We also understand that the latest round of adjustment at the I&E window is temporary as the rates could fall back below N400/$1. READ: FG to attract foreign investors for Actors Guild of Nigeria. Traders blame the onion price hike on short supply due to heavy rains, which damaged the standing Kharif crop, in Maharashtra. Get diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others. The price of a 50kg bag of Mama’s Pride rice (Local) decreased marginally by 0.49% to sell for an average of N25,375. “The COVID 19 pandemic dictated investment decisions in 2020 and may well continue into the New Year. If this takes place, the CBN will only step in if large fluctuations of the exchange rates occur. Advertisement. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. READ: Prices of food items rise across major markets as traders fear low patronage in December. Meanwhile, despite the sustained increase in the price of the commodity, large quantity of onions could be sighted at the onion section of the Mile-12 market as consumers buy in large quantities. You can also download our Android App or IOS App. Covid-19 has triggered a consumer shift towards branded products as ... Big Story | 2021 — What’s in store for equity, debt, gold and real estate? Taking a cue from the Covid-19 abyss that occurred in March/April this year, some stakeholders now anticipate more downside risks to the recovery of Africa’s largest economy in 2021. “Fuel prices are likely to be determined automatically based on market forces. Facebook Count. Between April and July 2020, exports of onions to neighbouring Bangladesh soared 157.7%. A Broiler Chicken, which was sold for at most N5,000 last December now sells for an average of N7,000 this year, representing 40% increase in price. READ: Nigerian’s should expect “a significant devaluation” to N550/$1 – Goldman Sachs. A big bag size of new onions also recorded a decline in price, as it currently sells for an average of N65,000 moving by 7.14% compared to an initial average of N70,000. An analysis of retail prices shows that prices usually rise in the last few months of the year. “With the new strain of the coronavirus, there could be talks of the vaccine recently approved by the FDA being ineffective, thereby extending the losses in USD and further driving the uptick in its major pairs.”. The gradual recovery of crude oil prices should help stabilize the naira, increase economic activities, drive capital flows, and reduce uncertainties. A worker restocks onions at TF Value-Mart in Balik Pulau January 9, 2020. At the start of October, that price was 80 rupees ($1.13; £0.91). Adaobi Okonkwo, Head of Currency Trading at a Tier-1 Nigerian Bank. Or click on Free Trial to get 14 days free trial. And it has every reason to smile. Onion prices to come down: It is known that the central government took a decision two days ago to lift the ban on onion exports in the country. She explained further that, although traders are not allowed to bring in rice from these borders, the price has still recorded a significant decline in the past week. While discussing with another rice dealer at Mile-12 market by the name, Mrs. Chizoba. Also read: Curbs on export of onions to go from January 1: Centre, “The market rates were on a decline since the government prohibited onion exports in September. However, despite periodic fluctuations in price, onion consumption, per person per year, has steadily climbed from 2.25 kg in 1961 to 14.7 kg in 2017. In an economic recession, cash is king.”. The onion prices in Lasalgaon, Asia’s biggest onion market went up by about ₹400 per quintal with a … Wholesale onion prices fell by up to Rs 10 per kg in key consuming markets such as Delhi, Mumbai and Chennai with increase in arrival of the perishable commodity after the government imposed stock limits on traders to check hoarding and price rise, government data showed. To sample the feel of sales of frozen food items, Nairalytics visited Oshodi Market. Anthony Okafor, Ph.D., ACCA, Adjunct Professor at the University of Louisville. With the exchange rate disparity at N60, we believe another round of devaluation could be in the offing with our analyst estimates placing at between N430-N440/$1. This represents 17.65% price increase in three weeks. Onion prices rise again, up to Tk 180 a kg this time in Dhaka Staff Correspondent, bdnews24.com Published: 04 Jan 2020 02:41 AM BdST Updated: 04 Jan 2020 … A 50kg bag of brown beans that was initially sold for an average of N43,250 now sells for an average of N41,500 representing 4.1% decrease in price. Now, we're giving them this," Mr Yadav, 31, tweeted in Hindi, along with two photos of him and another leader holding up onion … (example: u cannot substitute for you, d is not “Globally, with the uncertainty around the pandemic, Covid-19 vaccine and the need to distribute and preserve the vaccine; I expect increased investment and revenue for medical (especially pharmaceutical), logistics and refrigerator manufacturing companies. Below are some of the brands of locally produced rice sighted at the various markets and their respective prices. Customize your preference and get a personalized recommendation of stories based on your interest. Poultry owners in Nigeria are not having a swell time in this year’s festive period, as sales of live chickens dropped significantly. The prices shot up to Tk 100-120 a kg after India had banned onion export on September 14 this year for the second consecutive year. editorial team. This site uses Akismet to reduce spam. “The #EndSARS protest in Nigeria, however, has exposed the deficiencies in our political system. Speaking to Mrs. Iwezu of God’s Anointed Frozen Foods Venture, she told Nairalytics that she believes more people bought live Chicken this Christmas and only used frozen food items as compliments. An analysis of retail prices shows that prices usually rise in the last few months of the … The Federal Government has projected that Nigeria will likely exit recession by Q1 2021 amid the second wave of Covid-19 pandemic disrupting the financial markets. The reduction in the price of foreign rice may be partly attributable to the directive by the federal government to reopen closed land borders in Nigeria. “Given the liquidity surfeit in the system, we should expect an uptick in commercial paper issuance from blue-chip companies taking advantage of current market sentiments. “With the gradual distribution of vaccines across the globe, economic momentum should pick up, with pharmaceutical, aviation, and hospitality industries expected to drive this momentum. The exchange rate at the parallel market closed at N470/$1 for anyone selling marking a disparity of about N60 with the official rates. READ: FCTA to implement FG’s e-Government Master Plan from 2021, “Overall, the World Bank has forecasted that the Nigerian economy will marginally grow by 0.3% in 2021; So, I am hopeful that we will come out of the economic recession in 2021.”. The FMDQOTC website however updated their closing rate to N410.25/$1 as at close of business December 31st, 2020. Wholesale prices of onion in Nashik district, which is the onion belt of Maharashtra, crossed Rs 2,000 per quintal mark on Tuesday as reports of massive crop damage emerged from the neighbouring state of Karnataka. Follow us on Telegram, An increase in prices also means no impact of the Rs5 per litre diesel price cut on commodity rates. According to an onion seller at the market, he stated that the reason for the large quantity of onion in the market is because of the festivity as the item is always in high demand during the period. Nigeria maintains multiple exchange rate windows with rates that are marginally different. “Any downsides for the dollar could be limited by the prospect of a fresh round of aid in the New Year as the new US administration of President-elect, Joe Biden, starts on January 20th. A hike in VAT will put a strain on the disposable income of medium to low-income earners. Small business owners make up over 80% of the businesses in Nigeria and any adverse effects on small businesses reverberate across the economy. PUTRAJAYA: Fewer onions are being imported to Malaysia from India due to recent flooding in that country. A big bag of yellow maize continues to sell for an average of N23,333 while white maize sells for an average of N23,167. “Last year, onion prices were good and farmers were extra-indulgent with urea to increase yield. “The US dollar in the last few weeks has been the major focus of all traders, with its index hitting a two and a half year low at 89.73. The central bank has now devalued the exchange rate at least three times this year at the official investors’ and exporters’ window as it strives to bridge the disparity between the official and parallel market rates. MUMBAI: India decided on Monday to lift a ban on onion exports from Jan. 1, as prices have fallen sharply in the last few weeks on expectations of a big crop. The price of onions is yet to normalize after a recent surge in prices. The price of Chicken witnessed an average of 40% increase this December when compared to the corresponding period of 2019. According to him, the highest cost of feed as at December 2019 was N3,750, which now sells for an average of N5,400, representing a 44% increase in price. The exchange rate at the Investors’ and Exporters window depreciated to N410.25 on the last day of the year. READ: Prices of rice, tomatoes, frozen foods increase in September as traders lament low turnover, READ: Share buyback: Dangote shares gain 10% in early trading as investors launch full bids, READ: Poultry owners jack up prices of chickens, others, as Nigerians abandon imported frozen foods, READ: Bitcoin drops $900 after hitting a lifetime high. The price of onions is yet to normalize after a recent surge in prices. They offer life cover and assured returns, Investors can do certain basic checks regularly to protect themselves from broker-related frauds, Investors in 30% bracket can consider tax-free bonds as they offer relatively better returns, You’ve been tough, but some lessons are best learnt the hard way. Nigerians may enjoy some respites going into the Christmas festivities as the price of a 50kg bag of Royal Stallion rice now sells for an average of N26,125 from an initial average of N30,333, representing a 13.9% decrease in price. The present prices are the highest recorded this year with trade sources confirming of further rise in the … Onion trader Nitin Jain says that Indian onion has good demand in the international market and the Centre must have a concrete policy instead of making ad hoc decisions. Tomie Balogun, Millennial Investor and Founder of The Green Investment Club. — Reuters pic. Indian researchers are working on cells that can store more energy, last longer. Finally, it is anticipated in many quarters that Nigeria’s apex bank will restore sanity to the foreign exchange market and money markets by ensuring the unification of Nigeria’s local currency to full effect. This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics. Onion prices rise up after Centre open doors for export . On Friday, onion prices at Lasalgaon touched a minimum of Rs 1,000 a quintal and a maximum of Rs 2,411 per quintal with modal price at Rs 2,000 per quintal. READ: Inflation rate, yet to factor in rise in higher electricity prices. According to him, locally produced rice of superior quality is sold within the range of N25,000 and N27,000 while imported rice sells within the same range or even lesser for some unbranded foreign rice. They roam round wearing onion garlands when there's price rise. The blurry economic outlook may constrain IPO activities in the short-term for start-up firms seeking to raise long-term funding through the capital market. She, however, stated that a full Chicken (1kg) is sold for an average of N2,000, 33.3% increase when compared to N1,500 recorded last December. Also read: Onion prices spike in Bangladesh after India bans exports. High demand for the materials used in making the feeds such as maize and soya caused the significant increase in price of poultry feeds. The general consensus of traders has been to short the dollar and invest in other safe-haven currencies including JPY. Also, a 5kg cylinder that was initially filled for an average of N1,625 now sells for an average of N1,750 indicating a 7.69% increase in price. READ: Why telcos are very worried by this NCC directive. “Traders are also focusing on US stimulus negotiations; although, there are hitches with Republican Senate Majority leader, Mitch McConnell, yet to agree on a fresh round of COVID-19 aid package of about $900bn and President Donald Trump recently rejecting the stimulus bill. Copyright © 2021, THG PUBLISHING PVT LTD. Curbs on export of onions to go from January 1: Centre, Onion prices spike in Bangladesh after India bans exports, Onion prices: Traders make a killing even as onion imports from Egypt arrive, Covid vaccine: Expert committee clears Serum Institute candidate, Stock markets on longest winning streak since 2010, Major port trusts can award dredging works to DCI on nomination basis, Fund query: How to plan your post-retirement financial portfolio, What you need to know about assured income plans, Why tax-free bonds are a good alternative to bank FDs, Ad Outlook: It’s a digital show in 2021, too, The art of being brilliant within parameters, Say cheese, says the organised dairy sector, இந்து தமிழ் திசை. READ: Eid-El-Kabir: Food prices surge, as ram traders decry low patronage. ... 2020. A 50kg bag of garri (Ijebu) still sells for an average of N14,375 while white and yellow garri sells for an average of N10,750 and N11,125 respectively. Please write complete sentences. “I also expect increased investment and acceptance of the Cryptocurrency world, with individuals and companies with technical know-how having an opportunity of higher earnings from training. The second occurred on August 6th when it went from N360 to N380 to the dollar respectively. Wholesale onion prices fell by up to ₹10 per kg in key consuming markets such as Delhi, Mumbai and Chennai with increase in arrival of the perishable … After a gap of three years, onion prices are on the rise again. Your email address will not be published. "The prices will continue to remain firm with the pickup in exports," Nanduseth Dhaga, president of Lasalgaon Traders … Wholesale prices of onion in Nashik district, which is the onion belt of Maharashtra, crossed Rs 2,000 per quintal mark on Tuesday as reports of massive crop damage emerged from the neighbouring state of Karnataka. Also, the Nigerian stock market closed Year-to-date return and market capitalization settled at 44.56% and N20.3 trillion respectively, printing gains that positioned it amongst the best-performing stocks market in the world and further showed signs of rebounding higher next year. Now, a few months after the huge increase in onion prices, the government’s own assessment says, there is expected to be a glut effect on the price by March 2020. READ: Covid-19: Restrictions cost Lagos MSMEs N2.7 billion – LCCI. The present prices are the highest recorded this year with trade sources confirming of further rise in the days to come. The exchange rate between the naira and dollar depreciated to N410.25/$1 at the official NAFEX window on December 31st, 2020 ending a tumultuous year for the currency market. The average retail price of onion on December 3, 2019, was recorded to be Rs 81.9 per kilogram in comparison to Rs 15.87 per kilogram in March 2019. The Union Ministry of Consumer Affairs, Food and Public Distribution mentioned that onion prices, while witnessing a marked increase since August 2020, is below that of the same period in the previous year. 5kg cylinder of cooking gas is currently filled for an average of N3,975, representing 15.22% increase in price compared to an initial average of N3,450. But the damage has already been caused to farmers because of the export ban.” Bhandari said that the government must not interfere in the market and allow it to function as per its rules. READ: Why onion has become the “new gold” in Nigeria. On Friday, onion prices at Lasalgaon touched a minimum of Rs 1,000 a quintal and a maximum of Rs 2,411 per quintal with modal price at Rs 2,000 per quintal. Onion prices in the country have increased by over 400 per cent after March, said Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan in Lok Sabha on Tuesday. She further explained that the general increase in the price of poultry items has significantly affected turnover this year as many consumers are opting to buy frozen foods rather than live Chicken. The highest price on the day was N412.05 while forex turnover on the day was $235.75 million rose. He also mentioned that the price of feeds changes constantly, which makes it difficult for poultry farmers to make adequate planning and maintain their business models. READ: Inflation rate to keep rising by 2021- LCCI. The price of a carton of frozen Chicken, however, recorded a marginal increase in price from N15,000 recorded last week to N15,500 on Thursday 24th December 2020. Onion prices showed a declining trend even in producing areas. A month back, the retail price of potato was Rs40 per kg while onion was selling at Rs60 per kg. You have reached your weekly free article limit. Nairametrics first reported earlier in the day that the exchange rate may have been devalued to N410/$1 at the official I&E Window when trades crossed above N410 in mid-day trading, signifying a possible devaluation of the naira. Linkedin. According to this survey, the high cost of Chickens in this year’s festive period across major markets in Lagos State, was significantly driven by the high cost of poultry feeds. A worker restocks onions at TF Value-Mart in Balik Pulau January 9, 2020. — Picture by Sayuti Zainudin. Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device. Thelma Ugonna Ohiri-Anyanwu, CFA, Top Financial Expert of a Tier 1 Nigerian Bank. Facebook, Twitter, Instagram, YouTube and The price of a big bag of dry onions dipped by 2.05% to sell for an average of N95,500 compared to an initial average of N97,500. A big bag of pepper now sells for an average of N20,000 from an initial average of N17,000. READ: Agro processors appeal to CBN to provide easy Forex access for SMEs. മനോരമ ലേഖകൻ October 20, 2020 09:58 AM IST Mail This Article ( For more than one recipient, type addresses separated by comma) Recipient Mail address is Required India is the second-largest onion growing country in the world which has two crop cycles — first harvesting is from November to January and the second from January to May. Furthermore, he explained that the huge demand for the raw materials (Maize and Soya) has contributed to the significant increase of the feeds. This represents 13.9% decrease in price compared to an average of N30,333 recorded three weeks ago. At the start of October, that price was 80 rupees ($1.13; £0.91). The price of onions is yet to normalize after a recent surge in prices. Onion prices to come down: It is known that the central government took a decision two days ago to lift the ban on onion exports in the country. 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