Highlights
• The Naira depreciated by thirteen percent at the parallel market as it closed at N870/$1 on the 31st of July 2023 compared to N770/$1 the previous month. When compared to its rate recorded at the same time last year, the Naira lost by 29 percentage points.

• Between June and July, the cost of the 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of six increased by five percent from 32,311 naira to 34,318 naira in Maiduguri and Jere in Borno State. Similarly, in Damaturu the SMEB increased by nine percent from 33,130 naira in June to 35,991 naira in July. Please refer to Table 3 for the SMEB values in other LGAs of the BAY states.

• In July, petroleum pump prices were seen to rise across various outlets in the country. Dikwa LGA of Borno State experienced as high as a 20 percent increase in fuel prices. In Borno state, fuel prices are highest in Mobbar LGA with an average of 1,100 naira per litre, followed closely by Monguno LGA with an average of 1,005 naira per litre. While the lowest price was observed in Mafa LGA with an average of 560 naira/litre in July 2023. Please refer to Table 5 for fuel prices in other LGAs of the BAY states.

• The SMEB, therefore, continue to increase with the rise in staple food prices compared to the previous month, associated with increasing fuel prices, increase in transportation cost, increased demand and reduced market supplies.