Scarcity of Key Commodities In Nigeria Causes Price Surge – AFEX

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The month-average executed prices on the Exchange for maize, soybeans, and paddy rice increased Month-on-Month by 26.9%, 14.6%, and 5.3% respectively. The increase was most pronounced for maize due to the transmission effects from commodity scarcity.

The open market prices witnessed gains for maize, soybeans and paddy rice at 18.8%, 8.6%, and 14.62% respectively, in response to the lean season of the crop calendar in the agrarian North which indicates a continued depletion of market stocks from the last planting season which was terminated in December 2019.

The current narrow supply has resulted in policy response by the Central Bank which has stopped the provision of scarce foreign exchange for the import of maize.

Maize and soybeans prices gained marginally in July as soybeans increased by 2.3%, while maize increased by 1.3% M-o-M. Paddy rice average monthly price eased by -10.7% due to seasonal pressures from harvests. The commodity market supply from South America is bolstering market stocks and is predicted to surpass last year’s output.

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Scarcity of Key Commodities In Nigeria Causes Price Surge - AFEX - Brand SpurScarcity of Key Commodities In Nigeria Causes Price Surge - AFEX - Brand Spur

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