By Abiola Olawale
Following rising concerns over the high prices of food items and other commodities despite Naira appreciation, the Federal Competition and Consumer Protection Commission (FCCPC) has vowed that it remained committed to monitoring and investigating unusual hikes in prices of goods and services.
This was made known by the Ag. Executive Vice Chairman/Chief Executive Officer, Dr. Adamu Abdullahi in a statement issued on Wednesday.
Abdullahi declared that it was unacceptable that despite the recent appreciation of the Naira against the Dollar, consumers continue to face escalating costs without a corresponding decrease in prices.
He added that the Commission would utilize its existing legal framework to enforce fair competition and consumer protection provisions.
The statement reads: “The Federal Competition and Consumer Protection Commission (FCCPC) is aware of the concerns expressed by Nigerians regarding the continued 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, and the FCCPC is committed to protecting consumers from exploitation.
“The FCCPC 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 New Diplomat reports that since the Naira depreciated against the Dollar, reaching an all-time low of N1800/$1, prices of food items and other commodities soared high. However, following recent developments which have seen the Naira appreciate up to N1050/$1 prices of things in the country remained high.
Nigerians have since been lamenting that the impact of the Naira appreciation has not been felt in the market.
