Highlights

The May USD/NGN exchange rate in the parallel market closed at N607 on the 31st as Naira lost 3 percent of its value to the dollar when compared to its worth on April 30th, 2022. Furthermore, year-on-year the Naira lost about 22 percent of its value (N498). The instability of the Naira would continue to exert pressure on food prices throughout Nigeria.

The prices of staple foods remained fairly stable in May 2022 when compared with the previous month, in Borno and Yobe states. Though the stability of the prices in the review month, might be seen as a momentary relief, consumers’ purchasing power is still compromised with cereal prices having risen substantially year-on-year, particularly red beans (38 percent) and local rice (15 percent) in Maiduguri. While in Damaturu, red beans and local rice increased by 26 percent and 17 percent respectively.

The cost of 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State increased by 7 percent from 26,128 Naira in April to 28,087 Naira in May. The Damaturu SMEB marginally increased by 1 percent from 25,916 Naira in April to 26,220 Naira in May. Please see page 3 for SMEB values in other BAY locations.