The Federal Competition and Consumer Protection Commission (FCCPC) has told Nigerian citizens to report instances of unfair trade practices, emphasizing its resolve to take decisive actions against businesses found engaging in price fixing.
In a tweet posted on Sunday, April 14, 2024, the commission reaffirmed its commitment to safeguarding consumer interests amidst mounting concerns over escalating prices despite a decline in dollar rates.
This was in response to complaints by Nigerians on X (formerly Twitter) who lamented the rising cost of goods despite dollar rates falling.
FCCPC’s response
- “The FCCPC acknowledges that the rising cost of essential goods impacts consumers’ well-being and economic stability.
- “While we recognise that the Commission cannot directly control prices, we are committed to safeguarding consumers’ interests and ensuring fair market practices, necessitating fair pricing. Arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws.
- “The Commission will not hesitate to invoke Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 against any perpetrator of such acts. This section prohibits obnoxious trade practices and unscrupulous exploitation of consumers”
The FCCPC reiterated its commitment to promoting fair competition, protecting consumer rights, and maintaining a regulated marketplace. Encouraging active participation from citizens in reporting violations, the commission emphasized collective responsibility in creating an environment where consumers are safeguarded, and businesses operate ethically within the bounds of the law.
What you should know
In February 2024, Nigeria’s headline inflation rate surged to 31.70%, climbing from 29.90% in January 2024, marking a rise of 1.80%.
Compared to February 2023, the annual inflation rate in February 2024 was 9.79% higher, standing at 21.91%. Moreover, the month-on-month headline inflation rate in February 2024 reached 3.12%, up by 0.48% from January 2024’s rate of 2.64%.
Imported food inflation in Nigeria surged to its highest level in February 2024, reaching 29.8%, up from 26.3% the previous month, marking a 352 basis points increase.
The rise in imported inflation has been consistent for over four years, driven by a combination of internal and external factors. Externally, global supply chain disruptions caused by the COVID-19 pandemic and the Russia-Ukraine conflict, as well as a spike in global oil prices, have contributed to the situation.
Domestically, factors such as foreign exchange scarcity and the resulting depreciation of the local currency have also played a significant role.
Also, the exchange rate between the Naira and the Dollar at the official window rose by 7.7% on Friday to close the week at N1,142/$1.This marked the highest closing rate between in over 10 weeks, as Central Bank of Nigeria (CBN) policies continue to have a positive impact on the local currency.
