FG Deploys Team To Curb Artificial Inflation By Traders

FG Deploys Team Too Curb Artificial Inflation By Traders
The Federal Government of Nigeria has given a directive to the Federal Competition & Consumer Protection Commission (FCCPC) to embark on a nationwide campaign against traders who refuse to crash the prices of items in the market even after the prevailing factors that affected the prices are being addressed for relief.

FCCPC, a consumer protection commission, is responsible for enforcing fair competition and consumer protection, even though it cannot regulate the price.

There has been a hike in the prices of food items and other essential commodities in the market following the recent depreciation of naira against the dollar.

A relentless effort by the Central Bank of Nigeria has led to the naira gaining strength against the dollar in the commodity market. However, traders have been reluctant to reduce the prices of their goods while some of them still sell their goods at higher prices.

This has led to consumers raising complaints about unnecessary inflation even as the pump price of diesel, a major Industrial oil, continues to fall as the naira gains more strength against the dollar.

Effecting its campaign against unnecessary inflation by the traders, FCCPC on Thursday sealed 4U Supermarket in Abuja over unfair prices and practices.

The commission had vowed to continue its campaign across the nation until the impact of the Naira appreciation is reflected in market prices.

Category: World-News
Tag: FG Deploys Team Too Curb Artificial Inflation By Traders
Written by Author (author)
Published 4/19/2024 11:49:38 AM

Join us on:
Facebook | WhatsApp Community
| Twitter| WhatsApp Channel
How would you react to this story?
Thump Up Thumb Down
Thumb Up Thumb Up
0 0

You cannot submit comment on this topic because you are not currently login. You can choose to Login or Create an Account then you are good to join the discussion.

Author Author (Entrant )
1 months ago
0     0     - 0 Replies    

Most Recent Comments         Load More Comments

Trending News

Ude Unveils List of 20 People Allegedly Killed By The Embattled Fmr Gov Yahaya Bello

Nigerian University Expels Student for Impregnating Her Female Lecturer

Gov Adeleke Caught Placing Personal Tags On Federal Government Palliative Rice To Deceive Osun People

Ownership Crisis Rocks Benin City as Igodomigodo Asks Oba of Benin to Return To Ile-Ife

Many Fear Dead As Flight Vehicle Fell in Makurdi

Lady Runs Mad After She Was Dropped From A Tricycle By Suspected Yahoo Boys

Uproars as Suspected Yahoo Boy Brags 100 Nigerian Policemen Guide Him Daily

Aregbesola Dragged for Violating State Policy At Iwo Ramadan Lecture

First Class Graduate Die After Completing 21-Day Fasting Allegedly Ordained By Her Pastor To Cure Ailment

Obi Cubana Share Touching Story When His Wife Paid His Price

Load More
Free CBT Exams
Take Exam