The Federal Government has vowed to take stringent regulatory measures against traders unfairly inflating prices of goods and commodities.
The government, through its agency, the Federal Competition and Consumer Protection Commission (FCCPC), expressed worry that despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices of goods and commodities.
The Commission’s chief Adamu Abdullahi said in a statement on Wednesday that the situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.
He stated that the FCCPC understands the significant financial strain the rising prices are placing on Nigerian households, noting that as a result, the Commission is taking proactive steps to address the issue.
He added that the FCCPC cannot directly regulate prices, but the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.
The Commission said its operatives have been directed to intensify monitoring of both formal and informal markets, where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities.