FCCPC Urges Nigerians to Report Unfair Trade Practices

Federal Competition and Consumer Protection Commission (FCCPC) wants Nigerians to speak up if they see businesses playing dirty in trade. They’re serious about cracking down on companies that team up to set prices too high. In a tweet last Sunday, April 14, 2024, the commission promised to stand up for consumers even though prices are going up while the dollar rates are down. This came after people on X (used to be Twitter) complained about stuff getting more expensive even though the dollar is falling.

The FCCPC understands that when things we need get more expensive, it affects how we live and our money situation. They know they can’t directly control prices, but they’re all about making sure things are fair for consumers. Messing with prices or working together to hike them up is a big no-no and against the law. They’re ready to use Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 to punish anyone who tries it. This section says no to shady trade stuff and taking advantage of consumers.

The FCCPC is sticking to its promise of promoting fair competition, standing up for consumer rights, and keeping the marketplace in check. They’re asking folks to get involved and report any sneaky stuff they see. They believe it’s up to all of us to make sure consumers are protected and businesses play fair.

What you should know 

In February 2024, Nigeria’s headline inflation rate shot up to 31.70%, jumping from 29.90% in January 2024, which is an increase of 1.80%.

Compared to February 2023, the annual inflation rate in February 2024 was 9.79% higher, hitting 21.91%. Plus, the month-on-month headline inflation rate in February 2024 went up to 3.12%, which is 0.48% higher than January 2024’s rate of 2.64%.

In February 2024, the inflation rate for imported food in Nigeria hit its peak, reaching 29.8%. That’s a big jump from 26.3% the month before, marking a 352 basis points increase.

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Imported inflation has been going up steadily for more than four years, and it’s because of a mix of things happening inside and outside the country. Outside Nigeria, disruptions in the global supply chain caused by COVID-19 and the Russia-Ukraine conflict, along with a jump in global oil prices, are part of the problem.

At home, things like not having enough foreign currency and the local currency losing value have also made a big difference. Plus, on Friday, the exchange rate between the Naira and the Dollar at the official window went up by 7.7%, ending the week at N1,142/$1. This is the highest it’s been in over 10 weeks, thanks to the Central Bank of Nigeria’s policies that are helping the local currency stay strong.

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