Discos urge FG to sustain forex intervention


March 30,2017

The Association of Nigerian Electricity Distributors (ANED), Director of Research and Advocacy, Bar. Sunday Oduntan on Wednesday, called on the Federal Government to save the DisCos from the hands of black marketers of foreign exchange (forex).

He urged the government to direct the Central Bank of Nigeria (CBN) to give priority to the power sector operators in order to save them from purchasing dollars from the black market. His words: “we have been calling on the Federal Government to get the CBN to give us priority, so that we don’t have to go to the black market to buy dollar. So the one that is going on now, is beneficial to us. If naira improves against the dollar it will benefit the DISCOs.”

Citing an example with metering, Oduntan said that “we have about 2.9m customers yet to be metered and if you look at the amount of money required to do that even at the minimum of N53,000 per meter, it can be more than that now because of forex issue. If forex goes down it can still go below that 53,000 that means we need billions of naira to take care of that”.