The naira’s free fall could reach ₦1,000 per dollar in a matter of weeks despite the government’s frantic jackboot interventions, analysts say.
Despite the Economic and Financial Crimes officials’ crackdown on Bureau D Change operators in Abuja on Tuesday, the value of Nigeria’s naira deteriorated further against the dollar at the parallel market.
We all know what this means for car dealers, Nigeria auto dealers are based only on importations, and every importation requires foreign currency like Dollars for the purchase of the car and even shipment.
Some years back Toyota Camry 2006 was within ₦700,000 to 1 million naira but since this dollar issue at the time of filling this report a standard foreign used 2006 Toyota Camry starts at ₦2,500,000 to ₦3,550,000 while a Nigerian used starts from ₦1,500,000 to ₦1,900,000, the impact of the dollar is not just the issue but custom fees are also outrageous, so it’s not just buying the car abroad with high dollar rate, and shipment, when your car arrives you still have to pay more to Nigerian customs for clearing and other fees.
However, experts have anticipated that politicians will overwhelm BDC operators with the old currencies that they have accumulated at home in an effort to avoid direct transactions with the bank, which will increase demand for dollars.
The dollar has continued to rise since the apex bank announced plans to redesign the naira.
