PHOTOS: FCCPC Regulates Quantities, Sets Prices In Supermarkets In Abuja

A campaign has been initiated by the Federal Competition and Consumer Protection Commission (FCCPC) to enforce quantity and pricing display regulations at supermarkets located throughout Abuja.

On Thursday, April 18, this effort was launched at Wuse 2 Abuja, a supermarket, in response to consumer concerns regarding rising costs for commodities despite the naira's recent strengthening.

The Commission emphasized that consumers have the right to know the price of an item before making a purchase and that pricing disparities are still a major problem.

The head of the Commission, Adamu Abdullahi, said on Wednesday, April 17, “The FCCPC understands the financial strain these rising prices impose on Nigerian households.”

“While the FCCPC cannot directly regulate prices, it will utilize existing legal frameworks to enforce fair competition and consumer protection provisions.”

This move comes after the federal government promised to enact stringent regulations targeting merchants who unjustly inflate prices.

Amidst the multi-hour exercise, the FCCPC evacuated 33 bags of simulated stallion and caprice rice, tainted with weevils, from a branch of the same supermarket situated at 58 Adetokunbo Ademola Crescent, Wuse II, and sealed 4U Supermarket.

The Federal Competition and Consumer Protection Commission (FCCPC) expressed alarm about rising expenses in spite of the naira's strengthening value in relation to the dollar and reaffirmed its dedication to protecting consumers from abuse.

The Commission has instructed its agents to step up their surveillance of both official and unofficial marketplaces where companies could take advantage of unjust market conditions to artificially increase prices.

Operatives will work with farmer organizations, trade associations, and other interested parties to break up cartels, identify and eliminate entry obstacles, and stop price-fixing in order to promote more competition and cheaper pricing for consumers.

The naira strengthened by 6.1 percent, or N69, from N1,205 to a dollar recorded on Friday, April 12, to N1,136 on Monday, April 15, according to data from the FMDQ Securities Exchange, which is in charge of the Nigerian Autonomous Foreign Exchange Market (NAFEM).

However, on Monday, daily turnover decreased somewhat to $251.60 million from $281.34 million on Friday.

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