Northern Group Condemns Businesses for Failing to Reduce Prices Despite Naira Appreciation


The Coalition of Northern Groups (CNG) has criticized businesses for maintaining high prices despite the recent strengthening of the Naira against the Dollar, urging the federal government to enforce compliance with economic realities.

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In a statement issued by its National Coordinator, Comrade Jamilu Aliyu Charanchi, in Abuja on Saturday, the CNG expressed dismay at the reluctance of businesses to adjust prices to reflect the current exchange rate.

Charanchi stated, “The Coalition of Northern Groups (CNG) is deeply concerned about the unjustified prices of goods and services in the market despite the significant appreciation of the Naira against the US Dollar.

“The CNG views this as exploitation of Nigerians and a disregard for economic realities by unpatriotic businesses.

“Despite the Naira’s substantial appreciation against the Dollar, businesses have maintained exorbitant prices, causing undue hardship, particularly for vulnerable and low-income Nigerians.

“The CNG condemns this unpatriotic behavior and calls on the Federal Government to ensure that businesses align their prices with the current exchange rate for the benefit of all Nigerians.”

The coalition commended efforts by the National Security Adviser and the Central Bank of Nigeria to stabilize the Naira and urged sustained measures to achieve a stronger Naira in the future.

Furthermore, the CNG welcomed Dangote’s recent diesel price adjustment as a positive step and advocated for the sale of crude oil in Naira to domestic refineries to enhance fuel affordability and reduce dependency on the Dollar.

The group also called for accountability in governance, highlighting concerns about alleged diversion of public funds by some state governors into forex trading, which negatively impacts the Naira’s value.

The CNG emphasized the need for collaboration with international bodies like Interpol to ensure economic offenders face justice and called for measures to reimburse pilgrims affected by fluctuating exchange rates.

In conclusion, the CNG applauded businesses that have adjusted their prices to reflect the current Naira value and urged others to follow suit in support of economic stability and affordability for Nigerians.

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Adeniyi Ogunfowoke
Adeniyi Ogunfowoke
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