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Nigerians rejoice as car prices are set to drop as Naira hits N1238 per dollar, Customs rate.

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The exchange rate of import duties and cargo clearance in Nigeria Customs has fallen below the official market rate of N1238/$. The Nigerian Naira has emerged as the strongest-performing currency in the world, with an exchange rate of below N1,000 per dollar.

The exchange rate of import duties on the Nigeria Customs foreign exchange portal is currently N1238.179/$. The recent decline in the customs exchange rate below the official market rate is surprising, given that in the past few months, the service’s exchange rate has been consistently above the official market rate. This is great news for Nigerians as the value of the naira against the dollar has increased to N1238, which has resulted in decreased car prices.

If the exchange rate maintains the current trend, we can expect car prices to be favourable for the next few months. Fairly used cars are popular among the middle class and small businesses, with the United States of America and Germany being the main sources to Nigeria.

According to Carmart, between May last year and last month, the cost of Tokunbo cars surged by over 100 per cent due to the naira’s weakness against the dollar, making fairly used vehicles unaffordable for many potential buyers.

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