DJ Cocoa Prices Rise in Nigeria's Edo, Ogun, Ekiti States
2021 Dow Jones & Company, Inc.
By Obafemi Oredein
Special to Dow Jones Newswires
IBADAN, Nigeria--Cocoa prices increased this week in Nigeria's Edo, Ogun and Ekiti states but were steady in Abia, Ondo and Osun states, officials and traders said Wednesday.
In Edo state, the largest cocoa producer in the country's midwest region, graded cocoa is trading at 950,000 to 1 million Nigerian naira ($2,311-$2,433) a metric ton, up from NGN940,000 to NGN960,000 last week, according to Vincent Ohwojakpor, a Cocoa Association of Nigeria official.
This is the first time cocoa will be sold at NGN1 million a ton in Nigeria this year, said Bimbo Ogundele, a trader. He attributed the rise largely to the depreciation of the naira against the U.S. dollar, adding that higher prices are expected when active trading of the 2021-22 season main cocoa begins next month.
The crop is selling for NGN960,000 in Ogun state in the southwest region, compared with NGN940,000 a week and a half ago, a trader said.
In Ekiti state, also located in the southwest region, cocoa is trading at NGN930,000, up from NGN920,000 a fortnight ago, a trader said.
Meanwhile, cocoa prices are steady in Ondo state, the country's largest cocoa producer, at NGN980,000, Abia state in the southeast at NGN870,000 and Osun state, the third-largest cocoa producer, at NGN950,000.
Graded cocoa has been inspected and certified as fit for export by government produce inspectors.
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(END) Dow Jones Newswires
September 22, 2021 11:41 ET (15:41 GMT)