The Chairman, Egbin Power Plc, Mr. Kola Adesina, has said that the imbalance in the foreign exchange regime, occasioned by the falling rate of naira, is taking its toll on the operations of new power investors, The Nation reports.

He said the power distribution companies (DisCos) are spending more money than before to buy equipment abroad, because  the naira is falling at abysmal rate.

While speaking at a stakeholders’ meeting in Lagos, Adesina said the problem facing the naira has made it difficult for power firms  to survive, since they depend on Original Equipment Manufacturers(OEMs) in their   production. According to him, spare parts used in the industry can only be procured in dollars, stressing that the development is having far-reaching effects on the performance of the operators.

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