Nigerian Coalition Condemns Businesses for Maintaining High Prices Despite Naira Appreciation

The Coalition of Northern Groups in Nigeria criticizes businesses for not lowering prices despite the Naira's appreciation, urging the government to ensure compliance and protect consumers from exploitation.

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Nasiru Eneji Abdulrasheed
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Nigerian Coalition Condemns Businesses for Maintaining High Prices Despite Naira Appreciation

Nigerian Coalition Condemns Businesses for Maintaining High Prices Despite Naira Appreciation

The Coalition of Northern Groups (CNG) in Nigeria has strongly criticized businesses for keeping prices high despite the Naira's significant appreciation against the US dollar in recent months. The CNG argues that this practice is causing undue hardship for Nigerians, particularly vulnerable and low-income earners.

According to the CNG, the Naira has recorded a substantial appreciation, with the current exchange rate ranging between N900 to N1,000 per dollar, a marked improvement from the N1,900 to a dollar seen in recent months. However, businesses have refused to adjust their prices to reflect the current market reality, which the CNG describes as an exploitation of the Nigerian people and a blatant disregard for the country's economic realities.

The CNG has called on the federal government to take action and devise means to ensure that businesses comply with the current exchange rate and adjust their prices accordingly. They stress the need for the government to alleviate the burden on the people and hold businesses accountable for their pricing practices.

Why this matters: The CNG's condemnation highlights the ongoing economic challenges faced by Nigerians and the need for businesses to respond to currency fluctuations in a manner that benefits consumers. The government's role in ensuring compliance and protecting citizens from exploitation is vital in maintaining economic stability and social welfare.

The CNG also commended the efforts of the National Security Adviser (NSA) and the Central Bank of Nigeria (CBN) in stabilizing the Naira. They called for the sustainability of these measures to achieve an even stronger Naira, with a target of below N500 to a dollar. Additionally, the CNG welcomed Dangote's move to adjust diesel prices to reflect the current Naira value and urged the government to consider selling crude oil to local refineries in Naira to make fuel more affordable for Nigerians.

In a statement, the CNG spokesperson emphasized, "The federal government must take immediate steps to ensure that businesses comply with the current exchange rate and adjust their prices accordingly. The exploitation of Nigerians by businesses that refuse to reflect the Naira's appreciation in their pricing is unacceptable and must be addressed."

Key Takeaways

  • CNG criticizes businesses for not lowering prices despite Naira appreciation.
  • Naira has appreciated from N1,900 to N900-N1,000 per dollar, but prices remain high.
  • CNG calls on govt to ensure businesses comply with current exchange rate.
  • CNG commends efforts to stabilize Naira, wants it to reach below N500/dollar.
  • CNG welcomes Dangote's diesel price adjustment, urges crude oil sales in Naira.