The Federal Competitors and Shopper Safety Fee (FCCPC) has informed Nigerian residents to report situations of unfair commerce practices, emphasizing its resolve to take decisive actions towards companies discovered participating in worth fixing.
In a tweet posted on Sunday, April 14, 2024, the fee reaffirmed its dedication to safeguarding client pursuits amidst mounting considerations over escalating costs regardless of a decline in greenback charges.
This was in response to complaints by Nigerians on X (previously Twitter) who lamented the rising value of products regardless of greenback charges falling.
FCCPC’s response
- “The FCCPC acknowledges that the rising value of important items impacts shoppers’ well-being and financial stability.
- “Whereas we recognise that the Fee can’t instantly management costs, we’re dedicated to safeguarding shoppers’ pursuits and guaranteeing honest market practices, necessitating honest pricing. Arbitrary worth will increase stemming from untoward practices like worth gouging and conspiracy to govern provide violate current legal guidelines.
- “The Fee won’t hesitate to invoke Part 17(s) of the Federal Competitors and Shopper Safety Act (FCCPA) 2018 towards any perpetrator of such acts. This part prohibits obnoxious commerce practices and unscrupulous exploitation of shoppers”
The FCCPC reiterated its dedication to selling honest competitors, defending client rights, and sustaining a regulated market. Encouraging lively participation from residents in reporting violations, the fee emphasised collective accountability in creating an surroundings the place shoppers are safeguarded, and companies function ethically inside the bounds of the legislation.
What it’s best to know
In February 2024, Nigeria’s headline inflation fee surged to 31.70%, climbing from 29.90% in January 2024, marking an increase of 1.80%.
In comparison with February 2023, the annual inflation fee in February 2024 was 9.79% increased, standing at 21.91%. Furthermore, the month-on-month headline inflation fee in February 2024 reached 3.12%, up by 0.48% from January 2024’s fee of two.64%.
Imported meals inflation in Nigeria surged to its highest degree in February 2024, reaching 29.8%, up from 26.3% the earlier month, marking a 352 foundation factors enhance.
The rise in imported inflation has been constant for over 4 years, pushed by a mix of inner and exterior components. Externally, world provide chain disruptions brought on by the COVID-19 pandemic and the Russia-Ukraine battle, in addition to a spike in world oil costs, have contributed to the scenario.
Domestically, components equivalent to international alternate shortage and the ensuing depreciation of the native foreign money have additionally performed a big position.
Additionally, the alternate fee between the Naira and the Greenback on the official window rose by 7.7% on Friday to shut the week at N1,142/$1.This marked the best closing fee between in over 10 weeks, as Central Financial institution of Nigeria (CBN) insurance policies proceed to have a optimistic affect on the native foreign money.
