Business
NERC reduces FX rate for calculating new tariff for Band A customers by 16.03%
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.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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