Already created on bitcointalk for opinions, sharing here also for the opinion of forum members here.
Many Nigerians like myself have often complained about the unregulated nature of prices in the market and some big superstores, where the sellers and owners fix prices at their discretion without consideration of the customers buying. Exchange rates have reduced, but there are still marketers who have refused reducing the prices of their goods as quickly as they were to increase it.
The Federal government through an agency that I just heard recently but have been founded since have started price control actions to make sure that marketers that are taking advantage of Nigerians are brought to book.
The Federal Competition and Consumer Protection Commission (FCCPC) is the agency of government that has swung into action and closed down some supermarkets in the capital city for unfair prices.
The Federal Government on Thursday initiated sporadic enforcement raids at multiple supermarkets and markets within the Federal Capital Territory to ensure adherence to price display and quantity regulations, aiming to reduce the cost of food commodities nationwide.
It also said it would continue unannounced inspections at super and open markets in Lagos, Port Harcourt, Kaduna, and Ibadan in the coming weeks to probe the abnormal price surges and take firm measures against any companies caught engaging in unfair market practices like price manipulation, excessive pricing, or cartel formation.
During the exercise that lasted several hours, the FCCPC sealed 4U Supermarket
sourceWhat do you think? and how long will this agency be able to stay corruption free? Because it is not impossible for big supermarkets and stores to begin bribing the officials of this agency to allow them with their illegal prices.