Trouble as FCCPC Moves to Sanction Traders Inflating Price of Rice, Others
- The FCCPC has expressed concerns about the increase in the cost of goods and commodities despite the rising naira
- The Commission stated this after research indicated that prices are steadily declining due to naira recovery
- It said that it is working with relevant regulatory bodies to develop a comprehensive response to anti-competitive practices
Despite the recent strengthening of the naira versus the dollar, the Federal Competition and Consumer Protection Commission (FCCPC) says it is taking action to safeguard consumers from the ongoing rise in prices of products and services.
Source: Getty Images
Dr. Adamu Abdullahi, the Ag. Executive Vice Chairman and Chief Executive Officer said this in a statement made available on social media X.
This came as Legit.ng reported that researchers have noted that several domestic commodity prices are steadily declining due to the naira's recovery in relation to the dollar and other major currencies.
Despite this, some traders have yet to bring down the cost of their goods.
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The FCCPC declared that it would not stand by while Nigerian consumers were being taken advantage of.
FCCPC to take action
Abdullahi stated that the Commission has instructed its agents to step up their surveillance of both formal and informal markets to find companies that are unnecessarily inflating prices to take necessary enforcement action.
The statement partly read:
“The Commission remains committed to educating consumers about their rights and empowering them to make informed choices. We will engage in advocacy and public awareness campaigns to raise awareness about price gouging and other unfair trade practices and provide guidance on how to identify and report such practices."
The FCCPC stated that, despite its inability to directly control pricing, it will use the current legal system to uphold principles pertaining to fair competition and consumer protection.
According to the statement, these include keeping an eye on and looking into sudden price increases, responding to consumer complaints, and taking legal action against companies that are discovered to be involved in anti-competitive behaviour, such as price-fixing, price gouging, or cartel formation.
It added:
“The FCCPC recognises the importance of working alongside other government agencies to tackle this complex issue. We will collaborate with relevant regulatory bodies to develop a comprehensive and coordinated response to anti-competitive practices, price gouging, and other consumer protection issues.
“The FCCPC is committed to ensuring a fair and competitive marketplace for all Nigerians. We encourage consumers to continue reporting suspected price gouging and other unfair trade practices through contact@fccpc.gov.ng. Together, we can work towards a more stable, fair, and competitive marketplace for all Nigerians.”
Expert speaks on commodity prices
Legit.ng reported that Financial analysts have stated that it will take time for gains in foreign exchange rates to be converted into lower commodity prices.
They said this amid several efforts by Olayemi Cardoso, the governor of the Nigerian Central Bank, to stabilise foreign exchange rates.
Recall that the price of goods is reported to have been consistently impacted by the devaluation of the Nigerian currency, which also played a significant role in the inflation rate, which peaked in February 2024 at 31.70%, up from 29.90% in January.
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Source: Legit.ng
