The Federal Competition and Consumer Protection Commission (FCCPC) has announced its decision to closely monitor and investigate any unusual increases in the prices of goods and services. Dr. Adamu Abdullahi, the Ag. Executive Vice Chairman/Chief Executive Officer, expressed concern in a statement issued on Wednesday about the persistent rise in costs faced by consumers, despite the recent strengthening of the Naira against the Dollar.

He emphasized the Commission’s commitment to enforcing fair competition and consumer protection provisions within its legal framework, although it does not have direct control over prices.

Dr. Abdullahi stated, “The FCCPC acknowledges the concerns raised by Nigerians regarding the continuous surge in prices of goods and services. Despite the recent improvement in the Naira’s value against the dollar, consumers are still experiencing escalating expenses without a corresponding reduction in prices. This situation is unacceptable, and the FCCPC is dedicated to shielding consumers from exploitation.”

Recognizing the financial burden imposed on Nigerian households by these soaring prices, the FCCPC assured proactive measures to address the issue effectively.