CBN funds 704,928 electricity meters, 500 transformers

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The Central Bank of Nigeria has provided funds to power distribution companies for the purchase of 704,928 meters and for the acquisition and installation of over 500 transformers.

The CBN said its intervention in the power sector was through the Nigerian Electricity Market Stabilisation Facility, as captured in the NEMSF Progress Report, which was presented to operators in the industry at the 27th power sector monthly meeting.

The report, which was obtained from the Federal Ministry of Power, Works and Housing in Abuja on Monday, stated that the facility also helped the Discos to provide N13.78bn of security cover to the Nigerian Bulk Electricity Trading Company and the Market Operator as required under the vesting contracts/market rules.

Source: The Punch

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