Borno and Yobe States Market Monitoring March 2022

Highlights

  • The naira exchange rate on the parallel market closed at N587 on the 31st of March 2022. Compared to last year's same period (N485), the naira has lost about 21 percent of its value to the dollar in the parallel market. This has effects on markets in Northeast Nigeria, further eating into traders’ margins as well as the purchasing power of market-dependent consumers

 

  • Compared to February, in March 2022, the staple food prices witnessed relative stability in Borno and Yobe states except for imported rice (in Damaturu) which recorded a substantial increase compared to last month. This relative stability is observed against the background of substantial year-on-year increases in staple food prices in both states, particularly for red beans and maize, which increased 30 percent and 19 percent in MMC/Jere while 53 percent and 29 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 decreased by 8 percent from 27,540 Naira in February to 25,446 Naira in March. The Damaturu SMEB marginally increased by 3 percent from 24,578 Naira in February to 25,228 Naira in March. For SMEB values in other BAY locations, please see page 3.

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