The appreciation of the US Dollar against the Nigerian Naira has had an impact on the automotive sector, including used cars and spare parts.
However, there is good news as The Central Bank of Nigeria has reviewed its exchange rate for cargo clearance to 1476.247 Naira per US Dollar, due to the continued appreciation of the Naira in the foreign exchange market. This review will lead to a drop in car prices.
In the meantime, the Centre for the Promotion of Private Enterprise has released a statement through its Director, Muda Yusuf, urging the apex bank to fix the customs exchange rate at 1000 Naira per US Dollar to prevent frequent rate changes.
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