Presence Country
Special Report

Nigeria Market Monitoring Bulletin

June 2017

IPC 2.0 Acute Food Insecurity Phase

1: Minimal
2: Stressed
3: Crisis
4: Emergency
5: Famine
Concentration of displaced people
Would likely be at least one phase worse without current or programmed humanitarian assistance
FEWS NET classification is IPC-compatible. IPC-compatible analysis follows key IPC protocols but does not necessarily reflect the consensus of national food security partners.

IPC 2.0 Acute Food Insecurity Phase

1: Minimal
2: Stressed
3+: Crisis or higher
Would likely be at least one phase worse without
current or programmed humanitarian assistance
FEWS NET classification is IPC-compatible. IPC-compatible analysis follows key IPC protocols but does not necessarily reflect the consensus of national food security partners.
FEWS NET Remote Monitoring countries use a colored outline to represent the highest IPC classification in areas of concern.

IPC 2.0 Acute Food Insecurity Phase

Presence countries:
1: Minimal
2: Stressed
3: Crisis
4: Emergency
5: Famine
Concentration of displaced people
Remote monitoring
countries:
1: Minimal
2: Stressed
3+: Crisis or higher
Would likely be at least one phase worse without
current or programmed humanitarian assistance
FEWS NET Remote Monitoring countries use a colored outline to represent the highest IPC classification in areas of concern.

In June 2016, FEWS NET released an alert describing the national and regional implications of declining global crude oil prices on the Nigerian economy and subsequent currency depreciation since 2015. Within the context of this national economic shock, more than 3 million people in Northeast Nigeria already face significant food insecurity due to the Boko-Haram conflict. The Nigeria Market Monitoring Bulletin provides a summary of emerging market trends in Nigeria and the broader region. 

Key Messages

  • Stability in the Niger Delta coupled with a recent slight recovery in the FOB price per barrel of crude oil have jointly provided relief to the ailing Nigerian economy, thereby resulting in better economic conditions in March 2017 compared to previous months. 

  • The Central Bank of Nigeria continued to supply foreign exchange reserves to the exchange market through weekly sales, making available more supplies of U.S. Dollars and other essential foreign currencies. This has led to the strengthening of Naira (NGN) and a narrowing the gap between official and parallel exchange rates. The strengthening of the Naira is believed to have contributed to the decrease in the prices of some imported commodities on local retail markets, including but not limited to rice. 

  • Market recovery in the North East of Nigeria is ongoing and activities are becoming more favorable in some markets, especially in cities along and in proximity to the Nigeria-Cameroon border. Relatively higher supplies and lower prices were observed in Mubi (Adamawa state) compared to markets in neighboring areas, inclusive of southern Borno state. 

  • Insurgents’ activities in the North East of Nigeria have largely halted. However, occasional attacks on roads linking major markets in parts of southern Borno and Northern Adamawa as well as lack of civilian access to some parts of Northern Borno have caused deterioration in the functioning of some markets. Markets in these areas are either non-functioning or at minimal level.

  • For markets that are functioning in the North-East Nigeria, both supplies and stocks are relatively above last year levels but well below normal level (before crisis period). Lack of and reduced level of cultivation as well as risks along the trading routes were responsible for this lower stock levels. 

About FEWS NET

The Famine Early Warning Systems Network is a leading provider of early warning and analysis on food insecurity. Created by USAID in 1985 to help decision-makers plan for humanitarian crises, FEWS NET provides evidence-based analysis on some 34 countries. Implementing team members include NASA, NOAA, USDA, and USGS, along with Chemonics International Inc. and Kimetrica. Read more about our work.