Nigerians continue to grapple with high food prices as staple items such as rice, beans, spaghetti, onions, oil, and tomatoes remain expensive in local markets.

Recent market checks by Naija News reveal that despite ongoing harvest seasons, prices have yet to experience significant relief for consumers.

Rice Hits ₦64,000 Per Bag

A 50kg bag of rice now sells for ₦64,000, marking one of the highest costs for the staple food in recent months. This surge is attributed to factors including high transportation costs, import levies, and currency depreciation, which continue to affect supply chains.

Beans At ₦4,800 Per Bowl

Protein-rich beans also remain costly, with a bowl now selling for ₦4,800. Traders note that, despite improved harvests in some northern states, insecurity in farming regions and high logistics costs are keeping prices elevated.

Spaghetti And Other Essentials

The price of Golden Penny Spaghetti has risen sharply, with a carton now going for ₦19,000. Similarly, a bowl of onions sells for ₦4,000, while 1 litre of groundnut oil costs ₦3,700, reflecting continued pressure on edible oil markets due to high processing and import costs.

Vegetable Prices: Tomatoes And Pepper

Tomato prices have seen only minimal relief. A small basket currently sells for ₦3,500, while pepper prices remain steep at ₦9,000, creating further challenges for households that rely on these essentials for daily cooking.

Garri, a staple cassava-based food consumed nationwide, is also affected. A paint bucket currently sells for ₦1,600, a price point many traders attribute to increased production and processing costs.

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The Kobo and Naira coin series issued between 1991 and 1993 represent a significant era in Nigeria’s economic history. These coins, now largely out of circulation, once played a vital role in daily commerce and offer a fascinating insight into the country’s rich cultural and economic symbols.

Denominations and Design

The coin set featured the following denominations:
1 Kobo
10 Kobo
25 Kobo
50 Kobo
1 Naira

Each coin was designed to reflect Nigeria’s national identity, featuring notable figures, agricultural symbols, and industrial elements.

1 Kobo

Smallest denomination.

Featured ears of corn, symbolizing Nigeria’s agricultural roots.

10 Kobo

Featured oil palms, a nod to one of the country’s major cash crops.

25 Kobo

Showed groundnuts, once a key export commodity of Northern Nigeria.

50 Kobo

Displayed an oil derrick, representing the petroleum industry which has been central to Nigeria’s economy.

1 Naira

Featured the portrait of Herbert Macaulay, a pioneer Nigerian nationalist and key figure in the country’s path to independence.

Historical Context

The Naira (₦) and Kobo (₦1 = 100 Kobo) were introduced on January 1, 1973, replacing the Nigerian Pound in a major currency decimalization initiative. This made Nigeria the first African country to adopt a decimal currency system, marking a shift from colonial-era monetary practices.

The 1991–1993 coin series was a continuation of efforts to modernize Nigeria’s currency with updated designs and more durable materials.

Circulation and Decline

At their peak, these coins were widely used for everyday transactions, particularly for small purchases in markets, transportation, and shops. However, due to persistent inflation, many of these coins—especially the 1 Kobo and 10 Kobo—lost their purchasing power and gradually disappeared from use.

Today, most of these denominations are no longer accepted in commercial transactions. The 1 Kobo coin is now virtually extinct in circulation and exists primarily as a collector’s item or historical artifact.

Legacy and Collectible Value

While no longer functional in modern commerce, the 1991–1993 coin series remains an important symbol of Nigeria’s economic evolution. For collectors, historians, and educators, these coins offer a tangible way to explore Nigeria’s post-independence financial heritage and the changing face of its economy.

These coins are not just currency—they’re time capsules, preserving stories of Nigeria’s industries, agricultural wealth, and nationalist pride.

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US President Donald Trump has ordered the firing of the country’s commissioner of labor statistics, Erika McEntarfer, after the Labor Department reported weak hiring last month and revisions showed a quarter-million fewer hirings in the prior two months.

Trump said he ordered the immediate firing of Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, asserting the July report misrepresents what he claims is a “booming” economy powered by his policies.

The US added 73,000 nonfarm jobs in July, the Labor Department reported early Friday, down by about a third from economists’ expectations. More importantly, gains for the prior two months were revised lower by a combined 258,000 jobs.

Revisions to the employment report are routine, but the BLS said the revisions for May and June were “larger than normal.”

McEntarfer, a labor economist, was nominated by former President Joe Biden in July 2023 and confirmed by the Senate as commissioner of labor statistics in January 2024, according to the Bureau of Labor Statistics website. She previously served as a senior economist on the White House Council of Economic Advisors, where she advised on the recovery from Covid-19.

Labor Secretary Lori Chavez-DeRemer, a Trump appointee, said on her social media site that she supported the “President’s decision to replace Biden’s Commissioner.” She said during the search for a replacement, Deputy Commissioner William Wiatrowski will serve as acting commissioner.

“Important numbers like this must be fair and accurate; they can’t be manipulated for political purposes,” Trump said, without providing evidence the data was manipulated. “McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months.”

Trump added: “The Economy is BOOMING under “TRUMP” despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election,” late last year, Trump said, renewing his attacks on Fed chair Jerome Powell, who has repeatedly ignored Trump’s calls for him to lower rates. The Fed this week held its target rate unchanged for a fifth time this year, saying it needed to assess the impacts of tariffs and other Trump policies.

“Too Late” Powell should also be put “out to pasture,” Trump said.

Powell’s term in office expires in May next year and he can only be fired from the independent body for cause.

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