In response to the recent surge in prices of goods and services, the Federal Competition and Consumer Protection Commission (FCCPC) has affirmed its commitment to monitor and investigate any abnormal price increases.
Dr. Adamu Abdullahi, the Acting Executive Vice Chairman and Chief Executive Officer, stated in a release on Wednesday that it is deemed unacceptable for consumers to continue facing higher costs despite the recent strengthening of the Naira against the Dollar.
Although the Commission lacks direct authority to control prices, it intends to leverage its existing legal framework to ensure fair competition and uphold consumer protection regulations.
The FCCPC acknowledges the voiced concerns of Nigerians over the persistent price hikes and emphasized the need for aligning prices with the economic developments, particularly the Naira appreciation against the dollar.
Addressing the issue, the FCCPC reassured its dedication to shielding consumers from exploitation and acknowledged the strain caused by escalating prices on Nigerian households. The Commission asserted its proactive stance in tackling this challenge.