A prominent northern group is urging businesses across Nigeria to reduce prices on goods and services after recent gains by the naira against the U.S. dollar.
The Coalition of Northern Groups (CNG) says it supports efforts by the government to stabilize and strengthen the naira’s value. However, the group expresses disappointment that many companies have not adjusted prices downward to reflect the naira’s appreciation even in the black market.
“Despite sustained gains by the naira, exorbitant prices of goods and services remain prevalent across Nigeria,” said Jamilu Aliyu Charanchi, CNG’s National Coordinator, in a statement. “We are deeply concerned these skyrocketed prices expose some businesses as sworn enemies of Nigeria and Nigerians.”
The coalition calls on businesses to review their pricing strategies, arguing companies have “moral and economic obligations” to allow citizens to benefit from the stronger naira by making products more affordable.
While acknowledging the need for profits, the CNG statement warns that “businesses should support initiatives aimed at controlling inflation…in line with best ethical practices that encourage shared prosperity.” It adds that sustainable growth cannot occur “when Nigerian masses continue to wallow in hunger and starvation.”
The group specifically commends efforts by the Office of the National Security Adviser, Central Bank of Nigeria and other agencies to boost the naira’s value. However, it stresses that “further measures” are still needed until the dollar falls below ₦1000 to provide economic relief.
Business leaders have not yet responded to the CNG’s statement. The naira was trading around ₦1250 to the dollar on the black market as of today.