The Federal Competition and Consumer Protection Commission (FCCPC) has announced its intention to monitor and investigate unusual price hikes in goods and services, despite the recent strengthening of the Naira against the Dollar.
In a statement issued on Wednesday, the Acting Executive Vice Chairman/Chief Executive Officer, Dr. Adamu Abdullahi, expressed concern over the continued increase in costs faced by consumers, despite the Naira’s recent gains.
While the FCCPC clarified that it cannot directly regulate prices, it emphasized its commitment to enforcing fair competition and consumer protection provisions within its legal framework.
Dr. Abdullahi stated, “The FCCPC is aware of the concerns raised by Nigerians regarding the persistent rise in prices of goods and services.
Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices. This situation is unacceptable.”
He further added, “The FCCPC is committed to protecting consumers from exploitation and understands the significant financial strain these rising prices are placing on Nigerian households.
As a result, the Commission is taking proactive steps to address this issue.”
The FCCPC’s resolve to investigate price hikes underscores its commitment to ensuring a fair and competitive market environment for consumers in Nigeria.
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