FCCPC 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
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Published 4/19/2024 11:49:38 AM