The naira depreciated further to N1,430 at the parallel section of the foreign exchange (FX) market on Monday.

The FX rate represents a 4.38 percent drop from N1,370 traded on May 1.

Speaking to TheCable in Lagos, currency traders, also known as bureau de change (BDC) operators, put the buying rate of the greenback at N1,400 and the selling price at N1,430 — leaving a profit margin of N30.

At the official window, the local currency appreciated by 3.30 percent to N1,354.21 on Monday — from N1,400.40 on May 3.

During the trading period, the dollar exchanged for as high as N1,441 and as low as N1,285 according to data from FMDQ Exchange, a platform that oversees FX trading in Nigeria.

Meanwhile, Richard Montgomery, the British high commissioner to Nigeria, on May 5, said the new exchange rates policy under the present government and the leadership of the Central Bank of Nigeria (CBN) is attracting investors.

“You all know that the foreign exchange system in the past chased away investors because it is difficult to get your exchange done and you do not know whether you will be able to move money across borders,” Montgomery said.

The British envoy also said trade relations between Nigeria and the United Kingdom (UK) are about £7 billion.

The Nigerian Electricity Regulatory Commission (NERC) has reduced the exchange rate for calculating the current electricity tariff for Band A customers by 16.03%, from N1,463.3/$ to N1,277.8 from May to December 2024.

This is revealed in the commission’s Multi Year Tariff order (MYTO) for May to December 2024 released recently.

The NERC MYTO was reviewed following the appreciation of the naira in the foreign exchange market in the last one month.

Following statements by various electricity distribution companies on the reduction of electricity tariff for Band A customers on Monday, the NERC finally confirmed the drop, stating that it was due to appreciation of the naira since the last MYTO review earlier in the month of April.

The NERC approved the reduction of electricity tariff for band A customers from N225 per KWh to 206.8/KWh representing a drop of 8.1%.

Earlier in April, the NERC approved an over 200% hike in electricity tariff for band A customers from about N66 per KWh to N225/KWh, with significant changes in the exchange rate for calculation from N919/$ to N1,463, representing an N543.9 increase.

The Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja will today, Tuesday, hear and possibly determine the case against Multichoice Nigeria, a major pay-TV operator, regarding the increment in the rates of its DStv and GOtv packages.

We previously reported that the tribunal had restrained MultiChoice from increasing its subscription rates pending the hearing and determination of a motion on notice filed by a Nigerian, Festus Onifade, through his lawyer, Ejiro Awaritoma.

Onifade, who sued Multi-Choice Nigeria Ltd, accuses the company of unjustly increasing subscription fees without compunction, seeking interim orders against the pay-TV provider.

Last Monday, a three-member tribunal chaired by Saratu Shafii, ruled in favor of Onifade by restraining Multichoice in the interim, in the suit marked CCPT/OP/2/2024.

The court held that “the 1st defendant (Multichoice) is restrained, whether by themselves or privies, from going ahead with impending price increase scheduled to take effect from 1st May 2024 pending the hearing and determination of the motion on notice already filed before this tribunal.”

The tribunal also ordered that all parties in the suit are to appear before the panel on the 7th day of May 2024 at 10:00 a.m. for the hearing and determination of the motion on notice.