Nigeria’s antitrust body said it will take steps to curb prices that continue to rise despite the recent strengthening of the naira. The Federal Competition and Consumer Protection Commission said it’s concerned businesses in the West African nation might be taking advantage of market conditions to unfairly inflate the cost of goods, and that while it can’t directly regulate prices, various measures will be implemented to address the issue.
2% in March, a 28-year high. The data has yet to capture the recent strengthening of the national currency: after losing 43% of its value against the dollar in the first two-and-a-half months of this year, the naira has strengthened about 40% since mid-March — the most in the world among global currencies tracked by Bloomberg.
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