Naira appreciation: FCCPC vows to monitor, investigate price hike

The Federal Competition and Consumer Protection Commission (FCCPC) has resolved to monitor and investigate unusual hikes in prices of goods and services.

Ag. Executive Vice Chairman/Chief Executive Officer, Dr. Adamu Abdullahi in a statement issued on Wednesday said 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.

It added that while it cannot directly regulate prices, the Commission would utilise its existing legal framework to enforce fair competition and consumer protection provisions.

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.”