Naira Appreciation: FCCPC Vows to Monitor and Investigate Price Hikes

The Federal Competition and Consumer Protection Commission (FCCPC) has announced its determination to monitor and investigate the unusual hikes in the prices of goods and services in Nigeria.

This move comes in response to the persistent rise in prices despite the recent appreciation of the Naira against the Dollar.

Acting Executive Vice Chairman/Chief Executive Officer, Dr. Adamu Abdullahi, in a statement issued on April 17, 2024, highlighted the FCCPC’s commitment to protecting consumers from exploitation.

He emphasized that the Commission would utilize its existing legal framework to enforce fair competition and consumer protection provisions.

While acknowledging that the FCCPC cannot directly regulate prices, Dr. Abdullahi expressed the Commission’s awareness of the concerns raised by Nigerian consumers regarding the continued rise in the cost of goods and services.

He stated that this situation is unacceptable, especially considering the recent appreciation of the Naira against the Dollar, which has not led to a corresponding decrease in prices.

The FCCPC is taking these proactive steps to address the financial strain that these rising prices are placing on Nigerian households.

The Commission aims to ensure that consumers are not unfairly exploited and that fair competition is maintained in the market.

The Federal Competition and Consumer Protection Commission is committed to safeguarding the rights of consumers and promoting a fair and competitive business environment in Nigeria.

By monitoring and investigating unusual price hikes, the FCCPC seeks to address the concerns of Nigerian consumers and ensure that they are not subjected to unfair practices.