The recent rise of the naira against the dollar has stirred anticipation among car buyers, raising the question: Will this lead to reduced car prices? Let’s delve into the latest developments in the automotive sector to uncover what lies ahead.
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The Central Bank of Nigeria recently changed the exchange rate for importing things to ₦1476.247 per US Dollar. This is good news for Nigerians, as it means we will be getting lower prices for imported cars.
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Some worry the dollar price might keep changing too much, making it hard to know for sure how much a car will cost. Businesses that import used cars have raised prices a few times this year because of these changes. The number of used cars entering Nigeria has dropped by a whopping 47% in 2022! This is because the price of these cars has tripled! Taxes and government fees are part of the reason for this.
The Nigerian Customs Service, in charge of imports, is seeking to simplify processes for car importers. This was because the Central Bank of Nigeria (CBN) announced that the exchange rate for computing customs duties at the nation’s seaports had been slashed by 1.9%. It was, however, reported that the Nigerian Customs Service (NCS) had introduced a 90-day opportunity to adjust import duties concerning specific vehicle categories. This adjustment process involved meticulously completing all importation paperwork and inspections to ensure compliance with the standards set by the federal government.
With the Naira getting stronger and reduced import duties, it is a double win for car buyers in Nigeria. There’s a good chance that car prices will come down. But it’s important to wait and see what happens. In the meantime, research before buying a car to get the best deal.
Some Recent vehicle prices
- 2011 RX350 Lexus full option with mouse Tokunbo priced at 18.5m
- 2011 ML350 Benz registered less than a year used priced 9m
- 2015 GX460 Lexus Tokunbo is now priced at 38.5m
- 2012 Camry XLe full option with thumb start, open roof, leather seat and 4 plugs engine Tokunbo now priced 15m
- 2012 Corolla Sport Tokunbo is now priced at 10.5m
- 2016 Sienna XLe full option with thumb start Tokunbo now priced at 18.5m
- 2015 Highlander XLe Silver colour with cream interior and black on black Tokunbo now priced 27.5m and 28.5m
- 2017 RX350 Lexus Gold and white colour Tokunbo is now priced at 45m and 42m
- 2012 Acura MDX Tokunbo is now priced at 13m
- 2011 Acura MDX Tokunbo is now priced at 12.5m
- 2010 Camry Sport with 4 plugs engine and fabric seat White colour Tokunbo now priced 9.5m
- 2013 Tundra with 4 doors Tokunbo now priced 18.5m
- 2011 GX460 Lexus registered upgraded to 2015 now priced 18.5m
Head to https://carmart.ng for more cheap cars in Nigeria
Have 1 million naira and above to Buy or Sell Cars In Nigeria? Check carlots.ng
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