Summary
• The food inflation index increased to 40.53 percent in April from 40.01 percent in March 2024 with a difference of 0.52 percent due to an increase in the prices of some food items1. In April 2024, the official Naira/Dollar exchange rate closed at ₦1329.7 against the dollar with some stability when compared to the previous month. In the parallel market, the naira depreciated by 7.1 percent (₦1270/$1 to ₦1360/$1) in April 2024. This brings the total year-on-year (April 2023 to April 2024) depreciation of the Naira to about 81.3 percent.
• Between March and April, the value of 70% of the cost of a Survival Minimum Expenditure Basket (SMEB) for a family of five increased by 4% in Damaturu in Yobe State. The April value of 70% of the cost of SMEB for a family of five in Damboa LGA in Borno State represents a decrease of 7% when compared to the previous month. Please refer to Table 3 for the SMEB values in other LGAs of the BAY states.
• In April, petroleum pump prices were observed to still be on the rise across various outlets. Fuel prices were seen to be highest in Damboa LGA of Borno State with an average price of 1,200 naira per litre, while the lowest price was observed in Potiskum LGA in Yobe State with an average pump price of 735 naira per litre. In comparison to the previous month, Damboa LGA in Borno State witnessed a 48 percent increase from an average price of 810 naira to 1,200 naira per litre. Please refer to Table 5 for fuel prices in other LGAs of the BAY states.