The Naira depreciated by 13 % within the parallel market because it closed at N870/$1 on July 31, 2023, in comparison with N770/$1 the earlier month. In comparison with its price recorded on the similar time final yr, the Naira has misplaced 29 share factors.
Between June and July, the price of the 70 % Minimal Survival Expenditure Basket (SMEB) for a household of six elevated by 5 % from N32,311 to N34,318 in Maiduguri and Jere in Borno State. Equally, in Damaturu, SMEB elevated by 9 % from N33,130 in June to N35,991 in July. Please seek advice from Desk 3 for SMEB values in different BAY States LGAs.
In July, pump costs of petroleum elevated at varied shops throughout the nation. Dikwa LGA in Borno State has seen a rise in gas costs of as much as 20 %. In Borno State, gas costs are highest in Mobbar LGA with a median of N1,100 per litre, intently adopted by Monguno LGA with a median of N1,005 per litre. Whereas the bottom worth was noticed in Mafa LGA with a median of N560/litre as of July 2023. Please seek advice from Desk 5 for gas costs in different LGAs of BAY States.
PMEB due to this fact continues to develop with the rise in costs of fundamental meals objects in comparison with the earlier month, coupled with rising gas costs, elevated transport prices, elevated demand and discount in market provide.