avoid rejection. She said due to the taste live Chicken brings to food, many Nigerians prefer to buy it instead of frozen food items. “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. 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 02:41 AM BdST 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. READ: Nigerian’s should expect “a significant devaluation” to N550/$1 – Goldman Sachs. A farewell note, A food blogger looks back at a pandemic year and how her kitchen turned into a gateway to faraway lands, The best classroom is the outside world — readily available and for free, The former five-time world champion on mentoring the young, women in chess and watching The Queen’s Gambit, Agencies are optimistic that ad volumes and spend will rebound, When tech meets fashion, it can knock your socks off, 2020 ambushed and battered agencies — but advertising kept audiences engaged. However, with the decision to allow exports, the market prices have gone up on Monday. 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. A worker restocks onions at TF Value-Mart in Balik Pulau January 9, 2020. — Picture by Sayuti Zainudin. Do not type comments in READ: Naira falls across forex markets as Nigeria’s external reserve loses $838 million in 6 weeks. After a gap of three years, onion prices are on the rise again. 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. 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. 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 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. 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. The price of foreign-made rice has trickled down significantly in major markets in Lagos State, partly attributable to the recent directive by the federal government of Nigeria to reopen the country’s land borders. Consequently, Nairametrics interviewed selected financial experts from diverse backgrounds, on the outlook for Nigeria’s investment sector in 2021. The I&E window has often recorded Naira devaluation ahead of the CBN official rate. 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 … He added that kharif onion was largely destroyed by unseasonal showers which resulted in rising onion price. Since the bulb is a common base ingredient of most dishes and widely consumed, consumers are quite sensitive to a … This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and market insights. READ: Why telcos are very worried by this NCC directive. 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 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. “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 present prices are the highest recorded this year with trade sources confirming of further rise in the … The price of onions is yet to normalize after a recent surge in prices. READ: Why onion has become the “new gold” in Nigeria. Or click on Free Trial to get 14 days free trial. 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. 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). 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. 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. A big tuber of yam is sold for an average of N763 while a medium size is sold for an average of N525. “Last year, onion prices were good and farmers were extra-indulgent with urea to increase yield. 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. 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. 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 onion prices in Lasalgaon, Asia’s biggest onion market went up by about ₹400 per quintal with a modal rate of the bulb crop touching ₹2,200 per quintal compared to ₹1,200 – ₹1,800 in the past few months. Speaking to PTI, Nandan said there has been a sharp drop in onion prices across the country. 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. Follow us on Telegram, A worker packs onion bags at a vegetable and fruit wholesale market in the northern Indian city of Chandigarh July 9, 2014. Nairametrics interviewed selected financial experts from diverse backgrounds, on the outlook for Nigeria’s investment sector in 2021. Experience cleaner site with zero ads and faster load times. “Consequently, as investors’ confidence improves and becomes more selective, funds are expected to flow back into the fixed income market to pursue higher yields. 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. An increase in prices also means no impact of the Rs5 per litre diesel price cut on commodity rates. The onion prices in Lasalgaon, Asia’s biggest onion market went up by about ₹400 per quintal with a modal rate of the bulb crop touching ₹2,200 per quintal compared to ₹1,200 – ₹1,800 in the past few months. Also read: Onion prices spike in Bangladesh after India bans exports. Please use a genuine email ID and provide your name, to Traders blame the onion price hike on short supply due to heavy rains, which damaged the standing Kharif crop, in Maharashtra. A small basket of the oval-shaped tomatoes increased by 9.1% to sell for an average of N6,000 compared to an initial average of N5,500. 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. Some of the industries he mentioned that demand for maize are the Brewery industry and some consumer goods manufacturers. 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. 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: Price of foreign rice, beans, onions drop across major markets as borders gradually reopen. However, such metrics depend on how Nigeria’s fiscal officials implement the Economic Recovery and Growth Plan (2017-2020), which emphasizes economic diversification. Also, the country needs to start investing in its most promising sectors such as the digital economy, as its major export earner starts to dwindle. 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.”. Darlington-Morsi Onyemaka, Co-founder, Quba Exchange. “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. Comments will be moderated by The Hindu Business Line “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. Advertisement. A 50kg bag of Royal Stallion rice sells for an average of N26,125. “Fuel prices are likely to be determined automatically based on market forces. The onion prices in Lasalgaon, Asia’s biggest onion market went up by about ₹400 per quintal with a … This site uses Akismet to reduce spam. Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Facebook Count. Nigeria maintains multiple exchange rate windows with rates that are marginally different. Whether there will be a dramatic shift in 2021 depends on how quickly the virus is tamed through effective deployment of the approved vaccines. Small business owners make up over 80% of the businesses in Nigeria and any adverse effects on small businesses reverberate across the economy. The gradual recovery of crude oil prices should help stabilize the naira, increase economic activities, drive capital flows, and reduce uncertainties. A big bag of pepper now sells for an average of N20,000 from an initial average of N17,000. READ: Eid-El-Kabir: Food prices surge, as ram traders decry low patronage. Poultry owners in Nigeria are not having a swell time in this year’s festive period, as sales of live chickens dropped significantly. And it has every reason to smile. 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. 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. However, the rates would not go up substantially as the flow of onion in the market is rising. To sample the feel of sales of frozen food items, Nairalytics visited Oshodi Market. Dighole added that farmers have suffered losses because of the Centre’s export ban, but hope to recover at least some losses by exporting onions. The current VAT (7.5%) is likely to increase to generate additional revenue for the Federal Government of Nigeria. “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 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. 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. Dubai: Prices of Indian onions in the UAE are expected to rise after India on Sunday banned onion exports, vendors at Dubai’s Al Awir Central Fruit and Vegetable Market told Gulf News on Monday. 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. The government had lifted the ban on March 15, 2020. READ: Agro processors appeal to CBN to provide easy Forex access for SMEs. 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. 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. 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. After a gap of three years, onion prices are on the rise again. The survey further showed that a 50kg bag of Caprice reduced by 10.43% to sell for an average of N26,125 as against an initial average of N29,167 recorded in November 2020. “The prospects of a COVID-19 vaccine by 2021 makes it likely the year of global economic recovery. Price of poultry feeds has gone up by 50% compared to the previous year. Your email address will not be published. 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. The central government on Monday lifted the export ban on all varieties of onions with effect from January 1, 2021. The first devaluation occurred on March 20th when the exchange rate went from N307 to about N360 on the NAFEX market. 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 second occurred on August 6th when it went from N360 to N380 to the dollar respectively. — Reuters pic. Indian researchers are working on cells that can store more energy, last longer. 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. “This has made Nigerians to question the efficiency of the expected vaccination process and until we see an effective process in place (not just public statements), the Nigerian markets will not express optimism for potential recovery and that on its own will negatively affect how quick we join the rest of the world on the journey to full economic recovery.”. If this takes place, the CBN will only step in if large fluctuations of the exchange rates occur. 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. READ: Prices of food items rise across major markets as traders fear low patronage in December. 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. Nairametrics Food Price Watch, is a bi-weekly Household Market Survey that covers the prices of major food items in Nigeria, with emphasis on five major markets in Lagos – Mushin market, Daleko market, Oyingbo market, Idi-Oro market, and Mile 12 market. 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. The onions which were imported in India at the rate of ₹55-58 per kg between November 2019 and January 2020 are now being sold at the rate of ₹6/kg, a report by The Print says.The rejection by the states, supplies chains and distributing agency Safal of Mother Dairy became the main reason behind the throwaway price of imported onions. 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. Facebook, Twitter, Instagram, YouTube and Furthermore, he explained that the huge demand for the raw materials (Maize and Soya) has contributed to the significant increase of the feeds. Please Subscribe to get access to one of our early bird packs. High demand for the materials used in making the feeds such as maize and soya caused the significant increase in price of poultry feeds. A hike in VAT will put a strain on the disposable income of medium to low-income earners. 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. . PUTRAJAYA: Fewer onions are being imported to Malaysia from India due to recent flooding in that country. In December that year, prices soared to Rs80 per kg in the national capital. I believe this is optimistic as it took 5 consecutive quarters to grow out of an economic recession in 2016. Also, a medium-sized bag of pepper sells for an average of N10,000 from an initial average of N8,000, indicating a 25% increase in price. abbreviated text. “The #EndSARS protest in Nigeria, however, has exposed the deficiencies in our political system. You have reached your weekly free article limit. At the start of October, that price was 80 rupees ($1.13; £0.91). Citing their monitoring, Hechanova said the price of medium to large onions in the region reached P180 to P240 per kilo. The government lifted the ban on March 15, 2020 before re-imposing it this September. 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. Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device. 'the', n is not 'and'). “The global economy was awash with cheap funds in 2020, owing to limited investment opportunities. The price of Chicken witnessed an average of 40% increase this December when compared to the corresponding period of 2019. “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. 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). 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. At the start of October, that price was 80 rupees ($1.13; £0.91). KUALA LUMPUR, July 22 — The average prices of onion and garlic in Malaysia has increased by more than 30 per cent in June 2020, when compared against price levels in the same month last year, official statistics from the Department of Statistics Malaysia (DOSM) today showed. Onion prices showed a declining trend even in producing areas. READ: Industry Group set to host a national dialogue on taxation and developing the non-oil sectors. Tech companies’ stocks influenced investor behavior in 2020 and are likely to continue with that trajectory in the first half of 2021. 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. The closure of Nigerian land borders in 2019 resulted in influx of various brands of local rice in the Nigerian market. Tomato and onion prices soared by 42.32pc and 16.88pc in September. 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. We saw government institutions hoarding and mismanaging palliatives that were supposed to mitigate the harsh conditions imposed by COVID-19 on the citizens. The team also publishes research based analysis as articles on a regular basis. READ: How Libya and Iran can add to Nigeria’s woes, “As an investor, my approach would be to consider my investment portfolio carefully, diversify to preserve the value of my portfolio and hold cash to take advantage of investment opportunities. 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. Adaobi Okonkwo, Head of Currency Trading at a Tier-1 Nigerian Bank. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. Citing their monitoring, Hechanova said the price of medium to large onions in the region reached P180 to P240 per kilo. An analysis of retail prices shows that prices usually rise in the last few months of the year. Anthony Okafor, Ph.D., ACCA, Adjunct Professor at the University of Louisville. Also, a 50kg bag of Caprice recorded a 10.43% decrease in price from an initial average of N29,167 to sell for an average of N26,125. READ: Inflation rate to keep rising by 2021- LCCI. 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. 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. “Opportunities for mergers and acquisitions are expected in the banking sector, healthcare, and fintech space; however, time to market becomes crucial given the uncertain economic climate.”, READ: Bad times for XRP, as Coinbase suspends XRP trading. Tomato and onion prices soared by 42.32pc and 16.88pc in September. Already, foreign currency wire transfers (which is not always captured by black market rates) in the millions of dollars exchange for as high as N480/$1. According to the special edition of the Christmas Household Survey conducted by Nairalytics Research, the price of Chicken witnessed an average of 40% increase this December when compared to the corresponding period of 2019, as more Nigerians switched to frozen food items. “In one month alone, the all-India average retail price of onion has … “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. Read more about Measures to contain price rise of onions Onion import to be on Business Standard. 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. A carton of full chicken is sold for an average of N14,167, turkey (N19,000) while Chicken lap is sold for an average of N14,000. The exchange rate at the parallel market closed at N470/$1 for anyone selling marking a disparity of about N60 with the official rates. 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. She told Nairalytics that although sales have not picked up, transactions are expected to increase later in the week due to the festive period. READ: Covid-19: Restrictions cost Lagos MSMEs N2.7 billion – LCCI. 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. — Picture by Sayuti Zainudin. 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. 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 A worker restocks onions at TF Value-Mart in Balik Pulau January 9, 2020. 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. Advertisement. In the Davao, Caraga and Bangsamoro regions, onion prices … 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. 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