Naira/Dollar Rates: Northern Groups Urge Businesses To Slash Prices

Disturbed by the harsh economic reality in the country, the Coalition of Northern Groups (CNG), has expressed support for any genuine efforts to strengthen and stabilize the naira and bring back its value against the dollar.

National coordinator, CNG, Comrade Jamilu Aliyu Charanchi, in a statement to journalists in Abuja, yesterday, acknowledged some appreciable commitment to addressing economic challenges resulting from the naira’s instability against the dollar, which negatively impacted Nigerians’ purchasing power.

The CNG expressed disappointment over the reluctance of businesses to reflect the current improvement in the naira by adjusting their prices, similar to how they did when the naira was floated, adding that it is saddened to admit that despite sustained gains by the naira, including in the black market, exorbitant prices of goods and services remain prevalent across Nigeria.

“The CNG is deeply concerned about the current skyrocketed prices which evidently expose some businesses as sworn enemies of Nigeria and Nigerians despite claims for the contrary.

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“The CNG emphasizes that businesses must take positive steps to reciprocate the naira’s stability by lowering the price of their products for the benefit of the common man. Failure to do so may constitute deliberate economic sabotage and exploitative tendencies against Nigerians,” it said.

It said businesses in Nigeria have moral and economic obligations to contribute to the overall well-being of Nigerians, which includes lowering prices to allow citizens to fully benefit from the strengthened naira.

The CNG called upon these businesses to reconsider their pricing strategies that are inimical to stabilising the economy to alleviate the pangs of hunger and financial burdens faced by many Nigerians and contribute positively to the current economic climate.