Borno and Yobe Monitoring Report - August 2022

Highlights

  • The Naira depreciated at the parallel market as it closed at N700/$1 on Wednesday, 31st of August 2022, representing N174 drop when compared to N527/$1 recorded in the same period the previous year. This depicts a 33 percent decrease in the value of the Naira when compared to the same period last year. The ongoing devaluation of the Naira will continue to exert pressure on food prices throughout Nigeria.

 

  • Compared to July, in August 2022, the staple food prices witnessed relative stability in Borno and Yobe states compared to last month. Consumers' purchasing power is still compromised, with a substantial increase in cereal prices compared to the same time last year. Particularly, local rice had a 24 percent year-on-year increase in Maiduguri and 25 percent in Damaturu.

 

  • The cost of 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State increased by 2 percent from 28,365 naira in July to 29,851 naira in August. While the Damaturu SMEB marginally increased by 2 percent from 26,987 naira in July to 27,439 naira in June. Refer to page 3 for SMEB values in other BAY states locations.

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