Abuja, April 17, 2024 -The Federal Competition and Consumer Protection Commission (FCCPC) will monitor and investigate unusual hikes in prices of goods and services.
Adamu Abdullah, the Acting Executive Vice Chairman/Chief Executive Officer, said this in a statement issued in Abuja on Wednesday.
He said it was unacceptable that in spite of the recent appreciation of the naira against the dollar, consumers continued to face escalating costs without a corresponding decrease in prices.
The commission said while it could not directly regulate prices, it would use existing legal framework to enforce fair competition and consumer protection provisions.
“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.” (GBN)
