Highlights
• The food inflation index increased to 40.01 percent in March from 37.92 percent in February 2024 with a difference of 2.09 percent due to an increase in the prices
of some food items1. In March 2024, the official Naira/Dollar exchange rate closed at ₦1330.26 appreciating by 13.8 percent against the dollar when compared to
the previous month. In the parallel market, the naira appreciated by 24.4 percent (₦1470/$1 to ₦1270/$1) in March 2024. This brings the total year-on-year (March
2023 to March 2024) depreciation of the Naira to about 69.3 percent.
• Between February and March, the value of 70% of the cost of Survival Minimum Expenditure Basket (SMEB) for a family of five remained stable in Damaturu in
Yobe State. The March value of 70% of the cost of SMEB for a family of five in Mafa LGA in Borno State represents a slight increase of only 1percent when compared
to the previous month. Please refer to Table 3 for the SMEB values in other LGAs of the BAY states.
• In March, petroleum pump prices were observed to still be on the rise across various outlets in the country. In comparison to the previous month, Yunusari LGA of
Yobe State witnessed a 70 percent increase from an average price of 720 naira to 1,224 naira per litre. Fuel prices were highest in Mobbar LGA of Borno State with
an average of 1,550 naira per litre, while the lowest price was observed in Mafa LGA in Borno State, with an average of 660 naira/litre in March 2024. Please refer
to Table 5 for fuel prices in other LGAs of the BAY states.