Highlights
• The naira exchange rate on the parallel market closed at N572 on 31th January 2022. The sharp depreciation of the naira in the parallel market was driven by high demand amidst low dollar supply.

• In January, the prices of staple foods witnessed an upsurge after three months of decline in prices due to harvest period. These increases were mainly observed in Maiduguri markets. In contrast, Damaturu market maintained relative stability in their prices.

• The cost of 70 percent Survival Minimum Expenditure Basket (SMEB) for a family of five in Maiduguri and Jere in Borno State, increased by 14 percent from 24,154 Naira (December 2021) to 27,620 Naira (January 2022). Similarly, in Damaturu, the SMEB marginally increased by one percent from 19,459 Naira (December) to 19,584 Naira (January). For SMEB values in other BAY locations.