Price Of Bag Of Rice, Beans, Other Food Commodities This Week

As economic hardships continue to grip the nation, Nigerians are keenly awaiting potential policy changes from President Bola Tinubu’s administration that could lead to significant reductions in food commodity prices. The recent surge in food prices has pushed many citizens to the brink, with incidents of individuals raiding warehouses and trucks to secure essential foodstuffs […]

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Depreciation: Trans-Border Traders Reject Naira, Ask For CFA

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The Naira’s depreciation over recent months has led to significant setbacks in the West African market, with trans-border traders increasingly rejecting the Nigerian currency in favor of the CFA or other local currencies of non-francophone countries.

Investigations by Vanguard at the Seme border reveal a shift in currency preference among traders, marking a departure from the era when the Naira dominated the sub-regional economy.

Historically, the Naira was the preferred medium of exchange due to Nigeria’s substantial trade volume with neighboring countries.

However, the currency’s status has been in decline since February, culminating in its outright rejection by March 2024.

Traders, including Nigerians, express concerns over the Naira’s falling value, with the worst depreciation rates recorded in the recent months.

Official figures show a steep decline in the Naira’s value against the CFA, dropping from N1/1.5CFA in early 2023 to N1/0.37595CFA recently.

Despite a slight improvement, the Naira remains far from its former strength, impacting the cost of goods imported into Nigeria and slowing business activity in border towns of Nigeria and the Benin Republic.

On-ground reports from Benin-Nigeria border markets indicate a dwindling presence of the Nigerian currency, with money changers and transport operators opting for the CFA to avoid losses due to the Naira’s instability.

Ibrahim Yakubu, a bike rider, and Taiye Ekiti, a money changer, voiced their preference for the CFA over the Naira, attributing the shift to the dollar’s influence on the Naira’s depreciation.

Traders like Mr. Achi Collins, dealing in second-hand clothing, note the reluctance of their counterparts to accept the Naira, forcing customers to exchange their money to CFA.

Although a few traders in Seme may still accept Naira, the exchange rate’s impact is reflected in higher prices for goods.

The rejection of the Naira in major cities of the Benin Republic further underscores the currency’s diminished value, with traders insisting on CFA for transactions.

Before now, Naira was accepted on the west coast, up to Ivory Coast and Senegal. Traders freely spent Naira in many countries of West Africa.

Nigerian sports journalists who covered sports events in Benin Republic, Togo, Ghana, Senegal and Ivory Coast spent Naira in the markets of these countries.

Naira was stronger than CFA then. Those days are gone. The naira is now rejected in these countries.

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List Of Countries With Cheapest And Most Expensive Price Of Cement In The World

The cost of cement varies significantly across the world due to factors like production costs, availability of raw materials, labour costs, and government policies.

It’s important to note that cement prices are subject to change due to global economic conditions, fluctuations in demand and supply, changes in raw material costs, and other economic factors.

The figures can vary within each country based on specific market conditions at any given time.

Here’s a look at some of the countries with the cheapest and most expensive cement prices based on available data and reports:

Countries with the Cheapest Cement Prices

1. India: Cement in India is relatively cheap due to efficient production processes, vast limestone deposits, and intense market competition. The average price can be around $60 to $100 per metric ton.

2. Indonesia: Due to large domestic production and efficient manufacturing processes, Indonesia has some of the lowest cement prices, approximately $30 to $60 per metric ton.

3. China: As the world’s largest producer of cement, China benefits from economies of scale, with prices ranging between $35 and $75 per metric ton.

4. Iran: Sanctions and a focus on domestic consumption have kept Iranian cement prices low, around $35 to $55 per metric ton.

5. Pakistan: Competitive local production and large limestone reserves contribute to Pakistan’s low cement prices, typically between $55 and $70 per metric ton.

Countries with the Most Expensive Cement Prices

1. Switzerland: High labor and production costs make Switzerland one of the countries with the most expensive cement, costing upwards of $160 per metric ton.

2. Norway: Similar to Switzerland, Norway has high production costs, leading to cement prices that can exceed $150 per metric ton.

3. Denmark: With limited domestic production and high labor costs, Denmark sees cement prices around $120 to $180 per metric ton.

4. Iceland: The island’s remote location and import reliance drive up cement prices, often surpassing $150 per metric ton.

5. Australia: Despite significant domestic production, operational costs in Australia are high, resulting in cement prices of about $100 to $130 per metric ton.

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Top 10 Countries With Cheapest Petrol Price

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Amidst widespread inflation, some countries continue to benefit from relatively low fuel prices, with global averages and national policies playing a significant role in these variances.

According to data from globalpetrolprices.com, the average price of fuel worldwide stands at $1.33 per liter.

However, this figure masks the substantial differences in fuel costs from one country to another, largely due to varying tax regimes and subsidy policies.

The discrepancy in fuel prices across nations can be attributed to the specific economic strategies employed, including the level of taxes imposed on gasoline and the subsidies provided.

Consequently, retail prices of fuel vary significantly, reflecting individual countries’ economic and policy landscapes.

A notable trend highlighted in the report is the correlation between a country’s economic status, fuel pricing, and role in the global oil market.

Wealthier nations tend to have higher fuel prices, reflecting steeper taxation on energy products.

In contrast, less affluent countries, particularly those with substantial oil production and exportation capacities, often enjoy lower fuel prices, thanks to government subsidies and lesser tax burdens.

According to the report, below are the countries with significant cheapest fuel prices:

1. Iran

Iran tops the list of countries with the lowest price, with fuel sold at  $0.029 ( N 26. 52) per litre.

Iran is one of the largest oil producers globally and often subsidizes fuel for its citizens, keeping prices low domestically.

2. Libya

Following Iran’s lead, Libya is the second cheapest gas station with the lowest fuel price of $0.031 (N43.145) per liter.

This is due to their huge oil reserves and government subsidies.

3. Venezuela

With a fuel price of $0.035(N48.826) per liter, Venezuela is third among the top ten countries with the lowest fuel price.

This country has long subsidized fuel prices for its citizens due to vast oil reserves and government policies aimed at maintaining social stability.

4. Egypt

Egypt has subsidized fuel prices to some extent, using government funds to keep prices low for its citizens.

With a fuel price of $0.282 per liter, Egypt joins the league of countries with cheapest fuel price.

5. Kuwait

Kuwait, a major oil exporter with significant reserves, can afford to keep fuel prices low for its population at $0.341( N476.109) per liter.

6. Algeria

Algeria is a major player in the global oil and gas market, allowing it to maintain relatively low fuel prices.

Algeria secures the sixth position with a fuel price of $0.342( N476.431) per liter.

7. Angola

Angola stands as the seventh country globally with the cheapest fuel prices coming in at around $0.358 (N499.411).

This is largely due to its significant role as an oil exporter, and its low prices are a result of its oil production capacity.

8. Turkmenistan

With fuel prices at $0.428( N597.252) per liter, Turkmenistan is often cited as one of the countries with the cheapest fuel prices globally.

This Central Asian nation benefits from its abundant natural gas reserves, allowing it to subsidize fuel costs for its citizens as a major gas producer and exporter.

9. Malaysia

Malaysia is also one of the countries with the cheapest fuel prices at $0.434(N605.695) per liter.

This is attributed to government subsidies and policies aimed at keeping fuel affordable for its citizens.

10. Nigeria

Nigeria, the leading oil producer in Africa, stands at the 22nd position worldwide, offering fuel at $ 0.487(N679.360).

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