The Federal Government said it will prosecute those caught spiking the prices of goods and commodities across Nigeria . The Federal Competition and Consumer Protection Commission said this in a statement where it addressed the issues of arbitrary price increases and dollar brouhaha . FCCPC said it acknowledges that the rising cost of essential goods impacts…The Federal Government said it will prosecute those caught spiking the prices of goods and commodities across Nigeria .
According to FCCPC, arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws. Nigerians have been quite worried that despite the appreciation of the naira against the dollar, prices of goods and food items are increasing. It said on a year-on-year basis, the headline inflation rate in February 2024 was 9.79 per cent higher than the rate recorded in February 2023 at 21.91 per cent.
Mr Noble Ajuonu, Head, Sydani Technologies Ltd., has called on the Federal Government to harmonise National Identification Number and Bank Verification Number to tackle crimes and insecurity in the country.
Source: News Formal (newsformal.com)
Federal Government Prosecute Price Spiking Goods Commodities Nigeria Federal Competition And Consumer Protection Commi Arbitrary Price Increases Dollar Brouhaha Essential Goods Consumers Economic Stability Fair Market Practices
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