The Nigeria Centre for Disease Control (NCDC) made this known on its official website on Sunday morning.
ROYAL NEWS reports that the new infections indicate a decrease from the 132 cases recorded on Friday.
The NCDC, however, said there with no COVID-19 related death arising from the new cases.
It stated that six patients who had recovered from the disease were discharged from isolation centres.
According to the NCDC, till date 169,329 COVID-19 cases have been confirmed nationwide, 164,672 patients discharged and 2,126 deaths recorded.
The agency said the 123 new cases were recorded in seven states and the Federal Capital Territory (FCT), with Lagos having 70; Akwa Ibom18; Ogun 10; Oyo 8; Rivers 8; Ekiti 4; FCT 4 and Bayelsa 1.
The NCDC noted that a total of 2.36 million tests had been carried out as of July 16, compared to 2.32 million tests a day earlier.
The NCDC added that a multi-sectoral national Emergency Operations Centre (EOC), activated at Level 2, is coordinating national response activities.
The public health institution said that COVID-19 active cases stood at more than 2,000.
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