The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month moratorium for traders and market stakeholders engaged in exploitative pricing to reduce the prices of goods.
Tunji Bello, the newly appointed executive vice chairman of the FCCPC, announced this directive during a one-day stakeholders engagement on exploitative pricing in Abuja on Thursday, August 29.
The move aims to protect consumers and ensure fair market practices across Nigeria, with potential penalties for non-compliance.
He warned that enforcement actions will follow after the moratorium. Bello described the commission’s finding that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (N140,000.00) but the same product was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.
He wondered about the basis for the arbitrary hike in the price of the blender compared to Texas, United States of America (USA).