To sample the feel of sales of frozen food items, Nairalytics visited Oshodi Market. 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. 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. Nigeria maintains multiple exchange rate windows with rates that are marginally different. âBut rates will stabilise with good late kharif crop.â. 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. READ: Industry Group set to host a national dialogue on taxation and developing the non-oil sectors. 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. Offer closes soon. 'the', n is not 'and'). But the damage has already been caused to farmers because of the export ban.â Bhandari said that the government must not interfere in the market and allow it to function as per its rules. The central government on Monday lifted the export ban on all varieties of onions with effect from January 1, 2021. A big basket of round shaped tomatoes currently sells for an average of N15,000, compared to N13,000 recorded three weeks ago, it increased by 15.38% in price. 248 Page 4 Idaho Falls, ID Tuesday, December 29, 2020 ONION SHIPPING POINT INFORMATION FOR TUESDAY, DECEMBER 29, 2020 Prices represent open (spot) market sales by first handlers on product of generally good quality and condition unless The exchange rate at the parallel market closed at N470/$1 for anyone selling marking a disparity of about N60 with the official rates. “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. The rates will not further go up as late kharif crop is coming to the market in the big number,â said Bharat Dighole, president, Maharashtra state onion growersâ association. A month back, the retail price of potato was Rs40 per kg while onion was selling at Rs60 per kg. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. 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. In an interview session with Mr. Chukwuma, a rice dealer at Daleko Market, he told Nairalytics Research that it is indeed good that the price of foreign rice has declined, but quite bad that locally produced rice that is expected to cost far lesser is still sold for a high price. Mr. Sanni Rasheed of TAK Poultry Farm also confirmed that the price of poultry feeds is the major cause of the significant hike in price of Chicken across major poultry farms in Nigeria. READ: Prices of food items rise across major markets as traders fear low patronage in December. A worker restocks onions at TF Value-Mart in Balik Pulau January 9, 2020. â Picture by Sayuti Zainudin. READ: Covid-19: Restrictions cost Lagos MSMEs N2.7 billion – LCCI. An increase in prices also means no impact of the Rs5 per litre diesel price cut on commodity rates. Rates regime are expected to remain low to encourage the recovery of the real sector, which would create great opportunities in the capital and alternative investment space. Small onion prices predicted to stand at Rs 50 per kg, says Tamil Nadu Agricultural University Pratiksha Ramkumar / TNN / Dec 29, 2020, 19:59 IST Facebook Twitter Linkedin EMail This site uses Akismet to reduce spam. The price of a big basket of oval-shaped tomatoes increased by 11.1% to sell for an average of N10,000, as against an initial average of N9,000 recorded weeks ago. 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. They roam round wearing onion garlands when there's price rise. Consequently, Nairametrics interviewed selected financial experts from diverse backgrounds, on the outlook for Nigeria’s investment sector in 2021. Information reaching Nairametrics suggests there was a surge in demand pressure during trading forcing authorities to allow trades to cross higher than N410/$1 and settling at this price by closing. A worker restocks onions at TF Value-Mart in Balik Pulau January 9, 2020. If this takes place, the CBN will only step in if large fluctuations of the exchange rates occur. Indian researchers are working on cells that can store more energy, last longer. Traders blame the onion price hike on short supply due to heavy rains, which damaged the standing Kharif crop, in Maharashtra. READ: Hilux leads Toyota Nigeria sales by 70%. 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. 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. 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. Since the bulb is a common base ingredient of most dishes and widely consumed, consumers are quite sensitive to a … In line with accounting standards, companies across Nigeria who have dollars in their bank accounts will convert their balances to naira using N410.25/$1. Facebook Count. India is the second-largest onion growing country in the world which has two crop cycles â first harvesting is from November to January and the second from January to May. Nigeria needs to enforce economic reforms now that will encourage the return of foreign portfolio investors, as a clearer forex policy is important in instilling market confidence amongst investors. “Airbnb and DoorDash’s IPOs this December, are pointers that things are coming back to normal already, with more companies expected to go public in 2021. 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 central bank is yet to update its exchange rate figure on its website and did not issue any circular reflecting any official adjustments for the exchange rate. In December that year, prices soared to Rs80 per kg in the national capital. A 50kg bag of Honey well and Mama Gold flour sells for N13,950 and N13,850 respectively after witnessing a significant spike in price last month. In the first quarter of 2021, the dollar is expected to remain the major driver of its pairs. Please use a genuine email ID and provide your name, to CII No. Nigeria’s export earnings witnessed an increase, as Brent crude futures trades around $50/barrel, leading to improved foreign exchange reserves and creating the impetus for the central bank to intervene in Nigeria’s foreign exchange market. The report highlights information on items that witnessed price increase, price decrease, as well as information on special markets, and insights. The price of Chicken witnessed an average of 40% increase this December when compared to the corresponding period of 2019. Tech companies’ stocks influenced investor behavior in 2020 and are likely to continue with that trajectory in the first half of 2021. all capital letters, or in all lower case letters, or using You can also download our Android App or IOS App. Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device. Ultimate Gold (N23,000), Umza (N24,500), Big bull (N25,500), Mamaan (N22,000), Mama’s Pride (N25,000), and Mama’s Choice (N25,000). “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. avoid rejection. “Overall, the World Bank projected that the Nigerian economy is forecasted to grow at 0.3%. Get diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others. Citing their monitoring, Hechanova said the price of medium to large onions in the region reached P180 to P240 per kilo. Between April and July 2020, exports of onions to neighbouring Bangladesh soared 157.7%. READ: FG to attract foreign investors for Actors Guild of Nigeria. Please write complete sentences. The second occurred on August 6th when it went from N360 to N380 to the dollar respectively. The general consensus of traders has been to short the dollar and invest in other safe-haven currencies including JPY. Thelma Ugonna Ohiri-Anyanwu, CFA, Top Financial Expert of a Tier 1 Nigerian Bank. 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. Notably, India’s primary onion-cultivating states have witnessed around 41% more rainfall than normal since the monsoon season began on June 1, leading to the crops being damaged. 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. 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. The trend is mostly dependent on weather According to a report by Pune Mirror, onions are retailing at Rs 90-120 a kilo in markets in Mumbai and Pune owing to a shortage of supply. 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. Some of the industries he mentioned that demand for maize are the Brewery industry and some consumer goods manufacturers. The closure of Nigerian land borders in 2019 resulted in influx of various brands of local rice in the Nigerian market. 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. 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. In an economic recession, cash is king.”. “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. Now, a few months after the huge increase in onion prices, the governmentâs own assessment says, there is expected to be a glut effect on the price by March 2020. Do not type comments in The price of a big bag of Bush mango seed (Ogbono) reduced by 4.17% to sell for an average of N115,000 as against an initial average of N120,000. Data retrieved from African Development Bank (AfDB) however, revealed that Real GDP growth in Nigeria’s economy is projected to rise to 2.9% in 2020 and 3.3% in 2021. We saw government institutions hoarding and mismanaging palliatives that were supposed to mitigate the harsh conditions imposed by COVID-19 on the citizens. Onion prices falling. "The prices will continue to remain firm with the pickup in exports," Nanduseth Dhaga, president of Lasalgaon Traders … googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Prices of food items rise across major markets as traders fear low patronage in December, Prices of rice, tomatoes, frozen foods increase in September as traders lament low turnover, Share buyback: Dangote shares gain 10% in early trading as investors launch full bids, Poultry owners jack up prices of chickens, others, as Nigerians abandon imported frozen foods, Bitcoin drops $900 after hitting a lifetime high, Over 1 million people took loans from banks below 20% interest rate in 1 year- CBN, Ethereum market value of $83.8 billion is now bigger than Nigerian Stock Exchange, Inflation rate, yet to factor in rise in higher electricity prices, Why onion has become the “new gold” in Nigeria, CBN to offer Niger Delta rice farmers single-digit loan, Household Survey: Palm Oil prices jack up as tomatoes and melon ease off, Eid-El-Kabir: Food prices surge, as ram traders decry low patronage, Prices of rice, frozen chicken, tomatoes and others jump as border closure bites hard, Price of foreign rice, beans, onions drop across major markets as borders gradually reopen, Nigerian’s should expect “a significant devaluation” to N550/$1 – Goldman Sachs, FG to attract foreign investors for Actors Guild of Nigeria, Naira falls across forex markets as Nigeria’s external reserve loses $838 million in 6 weeks, Agro processors appeal to CBN to provide easy Forex access for SMEs, Industry Group set to host a national dialogue on taxation and developing the non-oil sectors, Bad times for XRP, as Coinbase suspends XRP trading, Covid-19: Restrictions cost Lagos MSMEs N2.7 billion – LCCI, Why telcos are very worried by this NCC directive, FCTA to implement FG’s e-Government Master Plan from 2021, Inflation rate to keep rising by 2021- LCCI, How Libya and Iran can add to Nigeria’s woes, China to overtake United States as the world’s biggest economy in 2028. READ: Household Survey: Palm Oil prices jack up as tomatoes and melon ease off. However, stocks in the pharmaceutical, aviation, hospitality, and manufacturing industries are expected to dominate investors’ focus. Linkedin. Speaking to PTI, Nandan said there has been a sharp drop in onion prices across the country. 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. 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. At the start of October, that price was 80 rupees ($1.13; £0.91). Onion prices showed a declining trend even in producing areas. For example, Hybrid feed that was sold for an average of N2,800 last year December now sells for an average of N4,200 while animal care now sells for an average of N4,200 as against N2,800 last December. 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. Tomato and onion prices soared by 42.32pc and 16.88pc in September. Small business owners make up over 80% of the businesses in Nigeria and any adverse effects on small businesses reverberate across the economy. He opined that although the price of these materials is beginning to reduce in recent times, he does not see the price of feeds easing, because in Nigeria nothing goes up and comes back to normal. 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