| Commodities |    2437 VIEWS  |
| Commodities | |
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Tuesday,
August 11, 2020 / 9:06 PM / FDC / Header Image Credit: FDC Limited
Nigeria's forex shock resulting from the 70%
precipitous fall in the price of oil (Q2'20) has reinforced the CBN's resolve
to ration forex in defense of the Naira. This has forced most importers
to blend their forex from various sources at a rate higher than the converging
rate of exchange of N381/$.
One of the victims of this process is the flour
milling industry. The price of flour went up by 52.9% to N13,000 (50kg). It was
N8,500 a year ago. This means smaller or lighter loaves of bread or a shift to
yam and garri whose prices are also rallying as a result of cross elasticity of
demand. Garri is currently N15,000 per 50kg bag.
The slides below provide an overview of developments
in the domestic and global commodities market and the likely impact of forex
rationing on prices in the Nigerian market.
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