- The new exchange rate policy of the Nigerian government has caused a drop in the sales of Tokunbo vehicles
- The new rate was implemented by the Central Bank of Nigeria and the Nigeria Customs Service
- In a July 6, 2023 circular, the Nigeria Customs Service said the rates have been hiked from N422.30 per dollar to N589 per dollar.
The newly introduced 40% hike in the exchange rate for cargo clearance at the seaports and hike in tariff on imported vehicles by terminal operator Ports and Terminal Multipurpose Limited has caused about 70% decline in the sale of fairly-used or second-hand imported cars in Nigeria.
The Central Bank of Nigeria (CBN) and the Nigeria Customs Service recently took the ongoing forex reforms to the maritime sector with a 40% hike in the exchange rate for calculating the import duty.
