Northern Groups Call on Businesses to Reflect Naira’s Improvement in Prices

The Coalition of Northern Groups (CNG) has urged businesses across Nigeria to adjust their prices to reflect the recent improvement in the naira’s value against the dollar. In a statement issued by the National Coordinator of CNG, Comrade Jamilu Aliyu Charanchi, the group expressed support for efforts aimed at strengthening the naira and stabilizing its exchange rate.

While acknowledging the positive steps taken to address economic challenges resulting from the naira’s instability, the CNG lamented the reluctance of businesses to lower prices in line with the currency’s recent gains. The group emphasized that despite the naira’s improvement, prices of goods and services have remained high, negatively impacting the purchasing power of Nigerians.

According to Comrade Jamilu Aliyu Charanchi, the CNG is deeply concerned about the continued high prices of essential commodities, which it believes expose some businesses as adversaries of Nigeria and its citizens. The group stressed that businesses have a moral and economic obligation to contribute to the well-being of Nigerians by lowering prices to reflect the strengthened naira.

The CNG called on businesses to reconsider their pricing strategies and take positive steps to alleviate the financial burden faced by many Nigerians. While acknowledging the importance of profit for businesses, the group emphasized that it should not come at the expense of Nigerians’ rights and privileges.

The statement highlighted the need for businesses to support initiatives aimed at controlling inflation and promoting shared prosperity for all Nigerians. The CNG emphasized that sustainable growth and development cannot be achieved when the majority of Nigerians are struggling with hunger and financial hardship.

The group also commended the efforts of the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), and other relevant agencies in stabilizing the naira. However, it called for sustained efforts to further strengthen the currency and bring the exchange rate below ₦1000 per dollar.

In addition to urging businesses to adjust their prices, the CNG called on the government to closely monitor major business conglomerates engaging in practices that stifle economic mobility for the majority of Nigerians. The group emphasized the importance of responsible and transparent business practices, particularly in the northern region of the country.

In conclusion, the Coalition of Northern Groups reiterated its commitment to advocating for the welfare of northern Nigerians and encouraged businesses nationwide to support efforts aimed at achieving a stable economy that benefits all citizens.