Some Businesses have refused to adjust prices Despite naira boost – CNG

The Coalition of Northern Groups (CNG) has urged businesses to review their exorbitant prices. It also expressed support for any genuine efforts to strengthen and stabilize the naira and bring back its value against the dollar. In a statement on Thursday, Comrade Jamilu Aliyu Charanchi, its National Coordinator, lamented the reluctance of businesses to reflect […]

The Coalition of Northern Groups (CNG) has urged businesses to review their exorbitant prices.

It also expressed support for any genuine efforts to strengthen and stabilize the naira and bring back its value against the dollar.

In a statement on Thursday, Comrade Jamilu Aliyu Charanchi, its National Coordinator, lamented the reluctance of businesses to reflect the current improvement in the naira by adjusting their prices.

The statement read in part: “The CNG acknowledges some appreciable commitment to addressing economic challenges resulting from the naira’s instability against the dollar, which negatively impacted Nigerians’ purchasing power.

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“However, the CNG expresses 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. We are 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.

“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.

“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 calls upon these businesses to reconsider their pricing strategies that are inimical to stabilizing the economy to alleviate the pangs of hunger and financial burdens faced by many Nigerians and contribute positively to the current economic climate.”

It added: “Although profit is essential for any business, it should not come at the expense of Nigerians’ rights and privileges, which businesses must respect to enjoy a friendly business environment. The CNG believes that businesses should support initiatives aimed at controlling inflation and supporting consumers in line with best ethical business practices that encourage shared prosperity for all and sundry.

“Business entities must note that neither the country nor their businesses can achieve a sustainable growth and development when Nigerian masses continue to wallow in hunger and starvation.

“While the government has made strides in stabilizing and strengthening the naira, prices of goods and services have remained unchanged after their hikes due to a weaker naira. Hence, businesses must support efforts to stabilize the economy and recalibrate new prices in tandem with the current realities in the interest of all.

“The CNG calls on all stakeholders, including businesses, to take necessary actions that align with the greater interest of Nigerians for a stable economy that provides food for the downtrodden while allowing businesses decent returns on their investments.”