It is no more news that the Nigerian Naira has recently lost value against the US Dollar to a whopping ₦610 per dollar. This unfortunate turnout has now made car dealers warn of possible rises in the cost of imported Tokunbo vehicles. This warning was given by Prince Ajibola Adedoyin, the national president of AMDON (Association of Motor Dealers of Nigeria). He disclosed that the current exchange rate between the Naira and the dollar is unstable and that will affect the price of Tokunbo cars.
Car dealers in Nigeria are now warning that the cost of imported vehicles may rise soon as Naira keeps losing value
The president of Nigerian car dealers, Prince Adedoyin says that the exchange rate of dollars to Naira in 2015 is totally incomparable with today in 2022. This huge gap in the exchange rate is said to be currently affecting vehicle import dealers in a negative way. Many of the car dealers said that getting dollars from Nigerian banks at a lower rate is really difficult. Due to this reason, the dealers claim that they are usually having to patronize the black market to get dollars. Unfortunately, the current exchange rate with banks is ₦415 per dollar while the black-market rate is over ₦610 per dollar.
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Believe it or not, the exchange rate of the Naira to the dollar back in 2015 was as low as ₦189 per dollar. With the current rate of over ₦610 per dollar, the naira has obviously lost about 322% of its value over the last 7 years alone. Meanwhile, it is currently unclear how much percentage increase will be added to the price of imported cars anytime soon.