We may remove hyperlinks within comments. Also read: Curbs on export of onions to go from January 1: Centre, âThe market rates were on a decline since the government prohibited onion exports in September. Between April and July 2020, exports of onions to neighbouring Bangladesh soared 157.7%. (example: u cannot substitute for you, d is not 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 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: Itâs a digital show in 2021, too, The art of being brilliant within parameters, Say cheese, says the organised dairy sector, à®à®¨à¯à®¤à¯ à®¤à®®à®¿à®´à¯ à®¤à®¿à®à¯. PUTRAJAYA: Fewer onions are being imported to Malaysia from India due to recent flooding in that country. 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. READ: Why telcos are very worried by this NCC directive. 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: Why onion has become the “new gold” in Nigeria. 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. This site uses Akismet to reduce spam. The World Bank has also compelled the CBN to unify the multiple exchange rates suggesting that rates at other windows will likely adjust closer to the NAFEX as early as next week (assuming this rate remains). 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. Price of poultry feeds has gone up by 50% compared to the previous year. However, the rates would not go up substantially as the flow of onion in the market is rising. READ: Hilux leads Toyota Nigeria sales by 70%. 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. “In one month alone, the all-India average retail price of onion has … Furthermore, he explained that the huge demand for the raw materials (Maize and Soya) has contributed to the significant increase of the feeds. A big basket of Sweet potatoes sells for an average of N5,500, a small basket sells for an average of N700 while the smallest basket is sold for an average of N325. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. Whether there will be a dramatic shift in 2021 depends on how quickly the virus is tamed through effective deployment of the approved vaccines. Get Full Digital Access To The Hindu BusinessLine, The Hindu, Frontline, Sportstar, Crossword+, Epaper replica of The Hindu and The Hindu BusinessLine in ONE SINGLE DISCOUNTED PRICE! 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. 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. A worker restocks onions at TF Value-Mart in Balik Pulau January 9, 2020. â Picture by Sayuti Zainudin. NEW DELHI: All-India average retail price of onions has dropped by 60 per cent this year to Rs 40 per kg on timely government interventions to boost the supply, Consumer Affairs Secretary Leena Nandan said on Thursday. Sohanlal Bhandari, president of Nashik district onion traders association said, â The average rate of per kg onion had touched â¹20 in Lasalgaon wholesale market. This represents 13.9% decrease in price compared to an average of N30,333 recorded three weeks ago. 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. Since the bulb is a common base ingredient of most dishes and widely consumed, consumers are quite sensitive to a … The gradual recovery of crude oil prices should help stabilize the naira, increase economic activities, drive capital flows, and reduce uncertainties. 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. To sample the feel of sales of frozen food items, Nairalytics visited Oshodi Market. Customize your preference and get a personalized recommendation of stories based on your interest. At N410.25/$1, the exchange rate officially depreciated by 11.8% for 2020 at the official NAFEX window of the FMDQOTC where forex is traded by investors and exporters. “Fuel prices are likely to be determined automatically based on market forces. This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics. The almost negative yield witnessed in the fixed income space should reverse in the first quarter, with government’s borrowing expected to outstrip the 2020 figures, as the Buhari administration attempts to walk the economy out of recession amid the impact of COVID-19 on the economy. He explained that there are about 6 different types of feeds namely; Broiler starter, Chicks, Layer feed, Grower, Super starter, and Finisher. 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. In a discussion with a major rice dealer at Daleko Market, Mrs. Dayo, she explained to Nairalytics that the price of foreign-made rice has reduced significantly to N25,000 in the market. The closure of Nigerian land borders in 2019 resulted in influx of various brands of local rice in the Nigerian market. 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. 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. Adaobi Okonkwo, Head of Currency Trading at a Tier-1 Nigerian Bank. “The prospects of a COVID-19 vaccine by 2021 makes it likely the year of global economic recovery. Citing their monitoring, Hechanova said the price of medium to large onions in the region reached P180 to P240 per kilo. 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. After a gap of three years, onion prices are on the rise again. They roam round wearing onion garlands when there's price rise. To satisfy the requirements of both loans, another devaluation of the Naira may take place in 2021, so that the official exchange rates and NAFEX rates can be unified. 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. 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 â¦ READ: Nigerian’s should expect “a significant devaluation” to N550/$1 – Goldman Sachs. However, with the decision to allow exports, the market prices have gone up on Monday. Experience cleaner site with zero ads and faster load times. Also, to satisfy the requirements of the 2 loans secured by the government in 2021, I expect a further devaluation of the Naira to unify the official and NAFEX rates. irrelevant cannot be published. 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 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. This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and market insights. In December that year, prices soared to Rs80 per kg in the national capital. READ: Inflation rate, yet to factor in rise in higher electricity prices. The price of onions is yet to normalize after a recent surge in prices. Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Meanwhile, the price of local rice has remained sticky as a 50kg bag of Mama’s Pride sells for an average of N23,375. — Reuters pic. Below are some of the brands of locally produced rice sighted at the various markets and their respective prices. GEORGE TOWN, Dec 1 — The Consumers’ Association of Penang (CAP) has urged the Domestic Trade and Consumer Affairs Ministry (KPDNHEP) to monitor prices of red onions to prevent exorbitant hikes and profiteering after India imposed a ban … We saw government institutions hoarding and mismanaging palliatives that were supposed to mitigate the harsh conditions imposed by COVID-19 on the citizens. 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. 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. Citing their monitoring, Hechanova said the price of medium to large onions in the region reached P180 to P240 per kilo. You have reached your weekly free article limit. 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. 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. 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.”. READ: Over 1 million people took loans from banks below 20% interest rate in 1 year- CBN. Nairametrics interviewed selected financial experts from diverse backgrounds, on the outlook for Nigeria’s investment sector in 2021. The second occurred on August 6th when it went from N360 to N380 to the dollar respectively. 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. 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. 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. 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. 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