Nigeria’s Antitrust Body Vows Action Against Rising Prices Despite Naira’s Strength


The Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria has announced plans to combat soaring prices despite the recent strengthening of the naira. Expressing concerns over potential market exploitation, the FCCPC signaled its intention to address the issue through various measures, despite its inability to directly regulate prices.

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In a statement issued on Wednesday, the commission highlighted its commitment to shielding consumers from unjustifiable price hikes, noting that despite the naira’s recent appreciation, the cost of goods continues to surge without a corresponding decrease. This disparity, deemed unacceptable by the FCCPC, underscores the need for protective measures.

The FCCPC’s warning coincided with the release of official data revealing a sharp increase in Nigeria’s annual inflation rate, reaching 33.2% in March, marking a 28-year high. Notably, the data has yet to reflect the recent strengthening of the national currency. Since mid-March, the naira has experienced a remarkable reversal, appreciating by approximately 40% against the dollar, making it the world’s top-performing currency among those tracked by Bloomberg, following a 43% devaluation earlier in the year.

To address the persistent price escalation, the FCCPC outlined a series of proactive steps, including heightened monitoring and investigation of abnormal price hikes, addressing consumer grievances, and taking stringent action against entities involved in anti-competitive practices such as price-fixing, price gouging, or cartel formation.

The commission emphasized its directive to intensify surveillance across both formal and informal markets, where businesses may exploit market conditions to unfairly inflate prices. Additionally, the FCCPC pledged to bolster enforcement efforts to ensure compliance with regulations and safeguard consumers from economic exploitation.

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Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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