The Federal Competition and Consumer Protection Commission (FCCPC) has taken measures to prevent business owners from unfairly increasing prices in both formal and informal markets.
Despite the naira’s appreciation against the dollar, consumers have complained of rising prices.
In response, Adamu Abdullahi, the acting executive vice chairman of the commission, has deemed the situation unacceptable and promised to safeguard consumers.
To achieve the development, FCCPC operatives will work in collaboration with trade associations, farmer groups, and other stakeholders to tackle price-fixing and dismantle cartels.
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The initiative aims to promote healthy competition and ultimately reduce consumer prices.
Consumers are encouraged to report any suspected price gouging or unfair trade practices via contact@fccpc.gov.ng.
He said:
” The FCCPC understands the significant financial strain these rising prices are placing on Nigerian households. As a result, the commission is taking proactive.”
