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Electricity Consumers Soar To 12.12m In Q4 2023NBS—-The number of electricity consumers rose by 410,000 from 11.71 million in the third quarter of 2023 to 12.12 million in the fourth quarter of 2023.

The National Bureau of Statistics (NBS) stated in its Electricity Report for the fourth quarter (Q4) of 2023 released in Abuja on Monday, that the increase was by 3.46 per cent.

The News Agency of Nigeria (NAN) reports that the review focuses on energy billed, revenue generated, and customers by DISCOS under the reviewed period.

It stated that on a year-on-year basis, the number of electricity customers increased by 9.59 per cent in Q4 2023 from 11.06 million reported in Q4 2022.

It said in Q4 2023, the number of metered customers stood at 5.61 million compared with the 5.68 million recorded in Q3 2023, this indicated a 1.32 per cent decrease.

“On a year-on-year basis, the figure grew by 9.38 per cent from the 5.13 million reported in Q4 2022,” the NBS stated.

Similarly, estimated electricity customers stood at 5.83 million in Q4 2023, showing a decrease of 3.34 per cent over the 6.03 million recorded in Q3 2023.

“On a year-on-year basis, estimated customers decreased by 1.73 per cent in Q4 2023 from the 5.93 million recorded in Q4 2022. ”

The NBS also said that electricity distribution companies collected N294.95 billion in revenue in Q4 2023 compared with the N260.16 billion they collected in Q3 2023 .

It added that on a year-on-year basis, revenue collected rose by 26.96 per cent over the N232.32 billion collected in the fourth quarter of 2022.

It stated that electricity supply was 6,432 (Gwh) in the fourth quarter of 2023 from 5,732 (Gwh) recorded in the third quarter of the year.

However, the report said on a year-on-year basis, electricity supply increased by 14.64 per cent in Q4 2023 compared with the 5,611 (Gwh) reported in the Q4 2022.

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Again, CBN Speaks On Deadline For Old ₦200, ₦500, And ₦1,000 Naira Notes

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Naira Notes

Again, CBN Speaks On Deadline For Old ₦200, ₦500, And ₦1,000 Naira Notes—-The Central Bank of Nigeria (CBN) has officially refuted rumours suggesting that old Naira notes will cease to be legal tender by December 31, 2024.

In a decisive statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN declared these claims baseless and misleading, designed to disrupt the nation’s payment systems.

Amidst circulating rumours about the discontinuation of old denominations of ₦200, ₦500, and ₦1,000 banknotes, the CBN has clarified that there is no deadline set for phasing out these notes.

The announcement comes as a relief to many who had been concerned about the potential invalidity of their cash holdings.

“The order of the Supreme Court on November 29, 2023, which extends the use of old banknotes indefinitely, remains in force,” the CBN’s statement emphasized.

This directive ensures that both old and redesigned versions of the Naira will continue to coexist as legal tender across Nigeria.

Mrs. Ali also instructed all CBN branches to keep issuing and accepting both the old and the newly designed Naira notes, reassuring the public of the banknotes’ validity.

She encouraged Nigerians to dismiss any rumours about deadlines for old notes and to remain informed through official CBN communications.

CBN’s stand comes after the House of Representatives asked the apex bank to withdraw old currency notes and increase the issuance of new naira notes.

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Naira Appreciates Against Dollar In Parallel Market

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Naira Appreciates Against Dollar In Parallel Market—-The Nigerian Naira saw mixed fortunes in the foreign exchange markets yesterday, appreciating in the parallel market but experiencing depreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

In the parallel market, the Naira appreciated to N1,715 per dollar, up from N1,725 per dollar recorded last weekend, reflecting a slight gain for the local currency.

However, in the NAFEM, the Naira depreciated to N1,603.16 per dollar from N1,600.78 per dollar last Friday, marking a N2.38 decline. Data from FMDQ showed this drop as indicative of the pressure on the official exchange rate.

On a positive note, dollar trading volume in the official market grew by 2.4%, with $359.22 million traded, up from $350.72 million last weekend.

As a result of these market shifts, the gap between the parallel market and NAFEM rates narrowed to N111.84 per dollar from N124.22 per dollar recorded last Friday. The exchange rate dynamics continue to reflect market volatility amid ongoing economic adjustments.

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