Exchange rate in naira: AEDC announces an increase in the electricity tariff

The Federal Capital Territory (FCT) will begin paying the new tariff increase on July 1st, 2023, according to Abuja Electricity Distribution Company, or AEDC.

In a statement released on Sunday, the AEDC observed that the upward review was required as a result of the naira’s movement in the exchange rate market.

The official cash of Nigeria, the naira, reportedly exchanged hands at N756 per $1 last week at the investors and exporters (I&E) window.

“Please be informed that there will be an upward review to the electricity tariff influenced by the fluctuating exchange rate effective July 1st 2023,” the electrical company stated in the announcement.

The new base rate is anticipated to be N100 per kWh for consumers in bands B and C, with supply hours ranging from 12 to 16 per day, while Bands A with (20 hours and above) and B (16 to 20 hours) would see comparably higher rates.

“We advise customers who use prepaid meters to think about buying large quantities of energy before July in order to benefit from the existing prices and possibly save money before the new tariffs go into effect.

“And a significant increase in your billing is imminent, beginning in August, for those on postpaid (estimated) billing,” the statement continued.