Highlights
• The stabilization of prices of staple foods continued in November thanks to the harvest. The current stability is observed against the background of substantial year-on-year increases in staple food prices in both states, particularly for red beans and local rice.
• The November USD/NGN exchange rate in the parallel market closed at N560 on 31st, slightly stronger against the dollar, as compared to October 2021. This is likely connected to the stabilized world market prices for Nigeria’s main export commodity. However, the parallel rate still shows a 18% decrease year-on-year (N473).
• The cost of 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State, decreased by 3 percent from 25,339 Naira (October) to 24,560 Naira (November). Similarly, In Damaturu, the SMEB substantially decreased by 10 percent from 20,365 Naira (October) to 18,276 Naira (November). This decrease will finally release some pressure