•  The food inflation index increased to 37.92 percent in February from 35.41 percent in January 2024 with a difference of 2.51 percent due to an increase in the prices of some food items. On a month-on-month basis, food inflation was highest in Adamawa (5.61%) followed closely by Yobe and Borno States at 5.6% respectively1. The Central Bank of Nigeria (CBN) launched a measure in the unification of official and parallel rates of foreign exchange plus free float of the exchange rate. In February 2024, the Naira closed at ₦1544.08 depreciating by 6.1 percent against the dollar when compared to the previous month. On the other hand, in the parallel market, the naira depreciated by 14.3% (₦1470/$1 to ₦1680/$1) in February 2024. This brings the total year-on-year (February 2023 to February 2024) depreciation of the Naira is about 122.5%.
• Between January and February, the value of 70% of the cost of Survival Minimum Expenditure Basket (SMEB) for a family of five increased by 20% from 51,324 naira to 61,797 naira in Damaturu in Yobe State. The February value of 70% of the cost of SMEB for a family of five in Mafa LGA in Borno State represents an increase of 13% when compared to the previous month. Please refer to Table 3 for the SMEB values in other LGAs of the BAY states.
• In February, petroleum pump prices were observed to still be on the rise across various outlets in the country. In comparison to the previous month, Yusufari LGA of Yobe State witnessed a 26% increase from an average price of 676 naira to 850 naira per liter. Fuel prices were highest in Monguno LGA of Borno State with an average of 1,280 naira per liter, while the lowest price was observed in Fune LGA in Yobe State, with an average of 693 naira/liter in February 2024. Please refer to Table 5 for fuel prices in other LGAs of the BAY states.