Highlights
• The Naira depreciated by six percent at the parallel market as it closed at ₦ 920/$1 on the 31st of August 2023 compared to ₦ 870/$1 the previous month. The Naira lost by 31 percentage points in August 2023 compared with the rate recorded in the same period in 2022.
• Between July and August, the cost of the 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five increased by twelve percent from 34,318 naira to 38,345 naira in Maiduguri and Jere in Borno State. Please refer to Table 2 for the SMEB values in other LGAs of the BAY states.
• In August, petroleum pump prices were seen to rise across various outlets in the country. Dikwa LGA of Borno State experienced as high as a 20 percent increase in fuel prices. In Borno state, fuel prices are highest in Bama LGA with an average of 1,150 naira per litre, followed closely by Mobbar LGA with an average of 1,133 naira per litre. While the lowest price was observed in Gujba LGA with an average of 610 naira/litre in August 2023. Please refer to Table 4 for fuel prices in other LGAs of the BAY states.
• The SMEB, therefore, continue to increase with the sustained rise in staple food prices compared to the previous month. Reduced market availability of staple food items (due to seasonal trends) and increase in transportation cost has brought about increased prices of these staples.