In a country when power is seen as a major problem, the Nigerian Electricity Regulatory Commission (NERC) has hiked the cost of purchasing of prepaid meters in the country.
According to gathered information, the commission is set to increase the price for a three-phase meter from N67,055 to N82,855. While the cost of a single meter is now N44,896 which was formerly N36,991.
The Nigerian Electricity Regulatory Commission Chairman, Prof. James Momoh, said the hike in price is due to exchange rate by the Central Bank of Nigeria as it’s the main factor for the change.
“In arriving at the approved unit costs, the commission has considered the recent changes in foreign exchange approved by the CBN and the applicable rate available to importers of meter components or fully assembled meters through investors and exporters’ forex window.” Prof. James Momoh said.