FCCPC Takes Action Against Price Exploitation Amid Naira Appreciation | #NwokeukwuMascot


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The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern over the continuous increase in prices of goods and services despite the strengthening of the naira against the dollar. The Commission’s acting Executive Vice Chairman/ Chief Executive Officer, Adamu Abdullahi, stated that the situation was deemed unacceptable, and the FCCPC was dedicated to safeguarding consumers from exploitation. Mr Abdullahi emphasized that this action was prompted by consumer complaints and aligned with relevant sections of the Federal Competition and Consumer Protection Act (FCCPA) 2018.

“The Commission remains committed to educating consumers about their rights and empowering them to make informed choices.

“We will engage in advocacy and public awareness campaigns to raise awareness about price gouging and other unfair trade practices and provide guidance on identifying and reporting such practices,” Mr Abdullahi said.

While the FCCPC does not have the authority to directly control prices, it will leverage its legal framework to enforce fair competition and consumer protection regulations. This involves monitoring and investigating abnormal price increases, addressing consumer grievances, and taking action against businesses involved in anti-competitive behaviors like price-fixing and cartel formation.

The Commission has instructed its operatives to increase surveillance in both formal and informal markets where businesses may be capitalizing on market conditions to unjustly raise prices. Mr Abdullahi mentioned that the FCCPC will collaborate with trade associations, farmer groups, and other stakeholders to eliminate unnecessary barriers to entry in various sectors, combat price-fixing, and dismantle cartels. This collaborative effort aims to promote increased competition, ultimately resulting in lower consumer prices.

He disclosed that the Commission will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to the sharp practices.

“The FCCPC is committed to ensuring a fair and competitive marketplace for all Nigerians. We encourage consumers to continue reporting suspected price gouging and other unfair trade practices through contact@fccpc.gov.ng.Together, we can work towards a more stable, fair, and competitive marketplace for all Nigerians,” Mr Abdullahi added.

Additionally, the FCCPC remains committed to educating consumers about their rights and empowering them to make informed decisions through advocacy and public awareness campaigns.

The recent appreciation of the naira in both official and unofficial markets comes as a result of ongoing government initiatives to stabilize the currency and address inflationary pressures following a significant drop in its value. Financial experts attribute the recent naira gains to government reforms after the currency experienced unprecedented lows in the first quarter of the year. The Central Bank of Nigeria (CBN) has taken steps such as selling foreign exchange to Bureau De Change operators at lower rates to enhance liquidity and mitigate price distortions in the forex markets.


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