FCCPC to Investigate Price Hikes Despite Naira Appreciation
The Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to monitor and investigate the recent surge in prices of goods and services, despite the recent appreciation of the Naira against the Dollar.
In a statement issued on Wednesday, the Ag. Executive Vice Chairman/Chief Executive Officer, Dr. Adamu Abdullahi, expressed concern over the sustained increase in costs faced by consumers, despite favorable changes in the exchange rate.
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Dr. Abdullahi emphasized that while the FCCPC does not have direct authority over price regulation, it is committed to enforcing fair competition and consumer protection laws to address price exploitation.
“The FCCPC is aware of the concerns raised by Nigerians regarding the continuous rise in prices of goods and services. Despite the recent strengthening of the Naira against the dollar, consumers are still grappling with soaring expenses,” the statement read.
Highlighting the strain on households due to rising prices, Dr. Abdullahi reiterated the Commission’s dedication to safeguarding consumers from exploitation. He assured proactive measures to tackle the issue effectively.
The FCCPC’s pledge underscores its commitment to ensuring fair market practices and protecting consumers’ interests amid economic fluctuations.
