Highlights
• The Naira depreciated by 1.35 percent at the parallel market as it closed at N770/$1 on the 30th of June 2023 compared to N760/$1 the previous month. When compared to its rate recorded at the same time last year, the Naira lost by 25 percentage points.
• Between May and June, the cost of the 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five increased by 5 percent from 30,845 naira to 32,311 naira in Maiduguri and Jere in Borno State. Similarly, in Damaturu the SMEB increased by 4.2 percent from 32,755 naira in May to 33,130 naira in June. Please refer to Table 3 for the SMEB values in other LGAs of the BAY states.
• Fuel prices are seen to experience a sharp increase (by almost 300 percent) since the removal of fuel subsidies. Fuel price is observed to be highest in Mob-bar LGA of Borno State with an average of 1,100 naira per litre. While lowest prices were observed in Bursari and Gujba LGAs both in Yobe State with an av-erage of 542 naira in June 2023. Please refer to Table 5 for fuel prices in other LGAs of the BAY states.
• The increase in SMEB is linked to a rise in the price of staples compared to the previous month, resulting from increased fuel prices, increase in transportation cost, reduced market supplies and increased demand.