NERC: Niger, Togo, Benin Owe Nigeria N12.38bn In Electricity Bills For Q1 2023

The Nigerian Electricity Regulatory Commission (NERC) says three international customers failed to remit $16.11 million owed for electricity supply in the first quarter (Q1) of 2023. Using the Central Bank of Nigeria’s (CBN) exchange rate as of August 8, 2023, ($/768.767), the three international customers are owing N12.38 billion in debt, according to TheCable’s calculations. Under an…

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Naira Inches Towards 1000 Naira To A Dollar

The naira plunged to a record low of N925/$1 on the parallel market on Wednesday as demand for foreign currency outstripped supply. This is the aftermath of liberalising the foreign exchange regime, which is a clear departure of what obtained during the President Muhammadu Buhari- led administration. At a time during the last administration, the…

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