Highlights

• Compared to the parallel market rate of ₦1008/$1 for the previous month, the Naira depreciated by 16% on the parallel market to close at ₦1170/$1 on the 31st of October. This brings the total year-on-year (October 2022 to October 2023) depreciation of the Naira to 46%.

• Between September and October, the value of 70% of the cost of Survival Minimum Expenditure Basket (SMEB) for a family of five remained stable at 1% from 41,187 naira to 41,468 naira in Maiduguri and Jere in Borno State. The October value of 70% of the cost of SMEB for a family of five in Damaturu represents an increase of 4% when compared to the previous month. Please refer to Table 3 for the SMEB values in other LGAs of the BAY states.

• In October, petroleum pump prices were observed to still be on the rise across various outlets in the country. In comparison to the previous month, LGAs in Yobe State witnessed an increase in fuel prices as high as 28%. Fuel prices were highest in Fune LGA of Yobe State with an average of 1300 naira per litre, while the lowest price was observed in Bama LGA in Borno State with an average of 637 naira/litre in October. Please refer to Table 5 for fuel prices in other LGAs of the BAY states.