Cocoa prices rise in the Nigerian state of Oyo, fall in Ekiti

From Obafemi Oredein

Special for Dow Jones Newswires

IBADAN, Nigeria – Cocoa prices are higher in the Nigerian state of Oyo this week but lower in Ekiti, traders said Friday.

Assorted cocoa is priced at 850,000 Nigerian naira ($ 2,073) a ton in Oyo state, compared to NGN 820,000 three weeks ago, said Biodun Oluyemi, a trader in Ibadan, the state’s capital.

He said the rise in cocoa prices was due to an improvement in the quality of the cocoa now being marketed in Oyo state, adding that regular rains in the state over the past few weeks have increased the size and weight of medium-crop cocoa have increased harvested.

In Ekiti state, cocoa sells for NGN 800,000, up from NGN 830,000 last month, a trader said.

Sorted cocoa has been certified as exportable by state production inspectors.

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