FCCPC Pledges Monitoring and Investigation of Price Hikes Amid Naira Appreciation

April 17, 2024

Although unable to directly dictate pricing, the Commission emphasized its intent to leverage existing legal mechanisms to uphold fair competition and safeguard consumer rights.

The Federal Competition and Consumer Protection Commission (FCCPC) has committed to overseeing and examining abnormal increases in the prices of products and services.

In a statement released on Wednesday, Dr. Adamu Abdullahi, Acting Executive Vice Chairman/Chief Executive Officer, expressed concern over the ongoing trend where consumers are experiencing rising expenses despite the recent strengthening of the Naira against the Dollar.

Although unable to directly dictate pricing, the Commission emphasized its intent to leverage existing legal mechanisms to uphold fair competition and safeguard consumer rights.

It said: “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.”