Exchange Rate: NERC to increase price of prepaid meters – Newstrends
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Exchange Rate: NERC to increase price of prepaid meters

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prepaid meters

Exchange Rate: NERC to increase price of prepaid meters

The Nigerian Electricity Regulatory Commission (NERC) is considering increasing the price of prepaid meters once again.

This consideration comes in response to the escalating production costs faced by meter manufacturers, according to sources familiar with the matter who spoke to Nairametrics.

These sources, who requested anonymity, revealed that manufacturers have ceased issuing invoices to Distribution Companies (Discos), in anticipation of an upward price revision by the NERC.

According to the sources, the increase in prices is directly related to the foreign exchange crisis affecting the economy, leading to increased production costs and inflationary pressures on manufacturers.

Earlier last week, NERC accused the 11 Distribution Companies (DisCos) nationwide of overcharging unmetered customers, resulting in a fine of N10.5 billion.

Meanwhile, an official from a Distribution Company informed Nairametrics that new applications for meters are no longer being processed, as there are indications that NERC will soon announce a new pricing rate.

The source also mentioned that the applications can only be processed once the new prices are announced, leaving many applicants without a prepaid meter.

He said,

  • “The cost of prepaid meters is going to go up soon. Meter Asset Providers have stop selling new meters as they await NERC to approve new prices.
  • “New meter applications are not being processed until the price changes are reflected.
  • So due to FX issues, the meter manufacturers have stopped sending invoices until the meter price is reviewed.”

Some customers who spoke to Nairametrics complained of not being able to get meters despite applying weeks earlier and in some cases months. Others who had paid for their meters also complained of delays in getting the meters.

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Another DisCo source opined that the new applications for meters are not being processed until the cost of meters is reflective of the situation in the country. However, they stated that customers who have paid will get their meters and may not be required to pay any other cost regardless of whether a new meter cost is approved.

NERC, the sector regulator, approves the cost of prepaid meters, most of which are imported into the country as semi-knocked down units and assembled locally for use. Prepaid meters have also evolved over the years with DisCos including features that mitigate against energy theft and offering more consumption data.

Nigeria’s meter deficit is thought to be over 7 million as most customers continue to be billed on estimates.

FX Crisis limiting manufacturing performance

The Manufacturers Association of Nigeria (MAN) has earlier reported in its ‘Manufacturing Sector Outlook for 2024’, the that average capacity utilization is expected to linger around the 50% mark due to forex-related challenges and the prevailing high inflation rate.

The report noted that forex crisis and high inflation in the country will limit its performance in Nigeria till mid-2024.

It said:

  • “Average capacity utilization will still hover around the 50% threshold as the forex-related challenges and high inflation rate limiting manufacturing performance may linger until mid-year.
  • “The sector may experience a meagre improvement in manufacturing output as forex and interest rates-related challenges are expected to subside from the third quarter.”

What you should know

With a 27 years high inflation rate of 29.90% and an incessant fall of the Naira against the Dollar in the FX market, Nigeria manufacturing industry continue to grapple with rising cost of production.

Last Increase

  • In September 2023, NERC upwardly reviewed the price of prepaid meter in a circular marked NERC/2023/020, and jointly signed by Sanusi Garba, the commission’s chairman ’and Dafe Akpeneye, its commissioner, legal, licencing, and compliance.
  • According to the circular, the commission said a single-phase meter will now cost N81,975.16 instead of the previous price of N58,661.69.
  • Similarly, the price of a three-phase meter was increased to N143,836.10 from N109,684.36.
  • At that time, inflation rate was 26.72% and $1 was around N800 in the official market.
  • Meanwhile, inflation continues to worsen as the Naira loses over 40% of its value since the last evaluation of the price of prepaid meter.
  • With a new price review prepaid meter price sight, consumers are more likely to pay over N100,000 for a single-phase meter and perhaps a N150,000 for a three-phase prepaid meter.

Exchange Rate: NERC to increase price of prepaid meters

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Nigeria gets new Mercedes-Benz GLS, offering extraordinary driving pleasure

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Nigeria gets new Mercedes-Benz GLS, offering extraordinary driving pleasure

 

Weststar Associates Limited has announced the introduction to Nigeria new Mercedes-Benz GLS Facelift, viewed as a symbol of grandeur and innovation.
Weststar, authorised general distributor of Mercedes-Benz in Nigeria, says the new model is coming with features specially crafted to elevate driving experience to new heights.
According to a statement by the firm, the Mercedes-Benz GLS Facelift represents a fusion of power and opulence, a symbol of luxury and innovation.
This update is said to propel the GLS to new heights, reaffirming its status as a commanding and sophisticated choice in the luxury SUV category in Nigeria.
It also comes with a bold exterior, advanced features and electrified powertrains.
Part of the statement read, “The GLS Facelift blends elegance with power, solidifying its place as the pinnacle of luxury SUVs.
“The updated GLS makes an unforgettable entrance with a revamped front fascia.
“At its core is an imposing, larger gloss grille featuring four horizontal bars, adding a sense of authority to its presence.
“Gloss black surrounds adorn the lower air vents. A striking new LED DRL pattern in the LED headlights gives the GLS a sharper and more aggressive aesthetic.”


Design
Giving more details about the design, the firm says the vehicle comes with new alloy wheel options, and the rear boasts distinctive LED taillights with a 3-pot LED pattern.
Even though it retains the hallmark design of the previous version, the new GLS Facelift introduces an array of features to enhance the cabin experience.
The highlight is the new 3-spoke steering wheel, equipped with capacitive steering-mounted controls, which promises heightened control for drivers.

Infotainment
Its infotainment system and instrument cluster are said to be powered by the latest MBUX operating software, providing additional display modes and an immersive technological experience.
Occupants of the new GLS Facelift are in for maximum luxury Luxury with a panoramic sunroof, heated and ventilated front seats, the Burmester® high-end 3D surround sound system with Dolby Atmos®, a 360-degree parking camera for effortless maneuvering, adaptive air suspension, adaptive LED lighting for superior visibility, and a powered tailgate for added convenience.
Weststar says the new GLS Facelift integrates a 48V mild hybrid system into all of its powertrains, enhancing performance and efficiency.
This innovative system provides an addition of up to 16kW of power and 250Nm of torque for short bursts. The standard GLS Facelift lineup offers an array of engine choices, including two petrol options.

Engine performance
The GLS 450 is powered by a 3.0-litre straight-six petrol engine, generating 280 [381] kW [hp] and 500 Nm of torque, offering a balance of power and efficiency.
Stepping up, the GLS 580 features a 4.0-litre V8 petrol engine with 380 [517] kW [hp] and 730 Nm of torque, providing rapid acceleration.
For enthusiasts with a penchant for sportier luxury, the GLS 63 AMG model is an embodiment of power and sophistication.
It features Nappa leather-upholstered seats in distinctive color schemes, offering a captivating environment.
The MBUX infotainment system incorporates AMG-specific menu layouts, adding a sporty edge to the interior.
The GLS 63 AMG model is packed with an electric panoramic sunroof, heated and vented front seats, adaptive headlights, AMG’s performance exhaust system, a premium sound system and the 360-degree parking pilot.
This comprehensive package caters to those who desire both power and luxury.

Interior
The Mercedes-Benz GLS still comes standard as a seven-seater. However, two new leather colours are available, Catalana beige and Bahia brown. Additionally, the range of interior trim finishes has been updated, with glossy brown lime wood now standard.
The trim element MANUFAKTUR glossy black flowing lines piano lacquer, which was previously only available for the Mercedes-Maybach GLS 600 4MATIC, is now also available for the entire GLS family from Mercedes-Benz.All GLS engines come paired with a nine-speed automatic gearbox and the 4MATIC all-wheel drive system as standard.
For those seeking an extra dimension of adventure, Mercedes-Benz offers an optional ‘off-road engineering package,’ which enhances the GLS’s capabilities with underbody protection panels and a 30mm increase in ride height.
The firm says new vehicle is available nationwide in its authorised Mercedes-Benz showrooms comprising Barbedos Cars Limited, M-B Automobile Services Limited, Skymit Motors Limited, Sunny Motors Limited, and Tetralog Nigeria Limited.

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Coscharis Motors hits W’Africa Auto Show starting today with special discount, fabulous gifts, others 

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Coscharis Motors hits W’Africa Auto Show starting today with special discount, fabulous gifts, others 

Coscharis Motors Plc is participating hugely at the 2024 West Africa Automotive Show (WAAS) holding in Lagos from May 14 to 16, 2024.

The prominent automotive company and trusted representative of major international auto brands in Nigeria, announced in a statement that exciting time awaits visitors to its stand at the Landmark Event Centre, venue of the fair in Lagos.

It promised special discount, freebies, on-the-sport autocare, original parts and experts advice.

It stated, “As one of the premier dealerships in Nigeria when it comes to auto parts and auto components, Coscharis Motors Plc is poised to showcase an impressive array of automotive products from renowned Original Equipment Manufacturers (OEMs), including Abro, MotorCraft and Omnicraft.

“From essential spare parts to top-quality lubricants, the exhibited products cater to the diverse needs of automobile enthusiasts and professionals, facilitating seamless repairs and maintenance for all makes and models of vehicles.

Abiona Babarinde, General Manager Marketing and Corporate Communications at Coscharis Group said, “We are really delighted to participate in the West Africa Automotive Show 2024 and showcase our commitment to delivering excellence in the automotive sector.

“Through our participation, we aim not to only showcase our robust product portfolio but also to connect with customers and prospects alike fostering lasting relationships built on trust and reliability in delivering value for their money over the years.

“The beauty of our participation at this year’s event is that you stand to get the original parts across various brands of any vehicle together with our certified technicians on ground to give you first hand professional after-sale guide on how best to fix the Parts; thereby delivering a one – stop shop at our stand.”

Head, Auto Care/Consumer Products Division, Coscharis Motors Plc, Dr. Obuzor Uzordinma, was also quoted as saying, “All is now set for us as a team to delight anyone that visits our stand at the exhibition.

“Our combined strong team from the Auto Care, Auto Component and After-sale teams are ready to deliver value for money at this event.

“We are poised to deliver on-the-spot offerings when it comes to original parts for all brands of vehicles as the official representative in Nigeria of various Original Equipment Manufacturers.

“To complement the parts on display will be our Home Care Consumer Goods from the iconic Abro brand portfolio on display as the exclusive representative in Nigeria.

“I hereby encourage all automobile customers, enthusiasts and families to take advantage of this opportunity to experience automotive innovation at its finest as they visit Coscharis Motors Plc at this year’s West Africa Automotive Show and unlock a world of possibilities in automotive excellence.”

The firm promised visitors to the Coscharis Motors stand an unparalleled experience, with irresistible discounts and enticing freebies.

“This exclusive opportunity allows customers to access original automotive products at unbeatable prices, enhancing both their driving experience and vehicle longevity.

“Moreover, the West Africa Automotive Show serves as a platform for attendees to engage directly with Coscharis Motors representatives, who will be on hand to address enquiries and provide insights into the comprehensive range of products and services offered by the organisa

tion,” it stated.

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Naira declines further to N1,520/$ on parallel market

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Naira declines further to N1,520/$ on parallel market

The Naira yesterday depreciated to N1,520 per dollar in the parallel market, from N1,470 per dollar last week Friday.
Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,478.11 per dollar.

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Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,478.11 per dollar from N1,466.31 per dollar last weekend, indicating N11.8 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N41.89 per dollar from N3.69 per dollar last weekend.

Naira declines further to N1,520/$ on parallel market

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