Nigerians will have to pay more for electricity as a result of the naira's unification

Following the unification of the naira and accompanying devaluation of the currency at the I & E window, electricity tariffs may see a considerable increase.As previously stated, the Central Bank of Nigeria (CBN) recently announced the unification of all segments of the currency exchange (FX) market, thereby merging all FX windows into the Investors & Exporters (I&E) window. The decision to make these adjustments in Nigeria's foreign exchange market exposes the FG's ambitions to loosen control of the naira, allowing the local currency to float freely. The benefit of this decision is that market forces such as supply and demand will now play a considerable role in deciding the exchange rate.