Vehicle Imports Surge as Naira Stabilises: Over 1,300 Units Arrive at Lagos Port, New Prices Emerge
- The naira’s stability has provided relief for many Nigerians and given relative stability to the prices of imported vehicles
- Nigerian Ports Authority (NPA) disclosed that about 1,350 vehicles arrived at the Port & Terminal Mulitpurpose Limited terminal in Lagos
- The shipment contained 1,000 brand-new vehicles and 350 used cars and arrived between July 19 and July 21, 2025
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
In a fresh sign of shifting market dynamics, the Nigerian Ports Authority (NPA) has announced the arrival of 1,350 vehicles at the Ports & Terminal Multipurpose Limited (PTML) terminal in Lagos.
The shipments, which landed between July 19 and July 21, 2025, include 1,000 brand-new vehicles and 350 used ones.
Source: Getty Images
Naira holds at ₦1,544 to the dollar
Industry watchers are linking the surge in vehicle imports to a momentary period of naira stability and strategic interventions by the Central Bank of Nigeria (CBN).
As of July 20, 2025, the naira traded at ₦1,544 per dollar in the parallel market, maintaining a relatively stable position compared to previous weeks.
Analysts say this is partly due to the CBN’s injection of $4.1 billion into the foreign exchange market in the first half of the year.
Punch reports that the targeted intervention appears to be paying off, especially for importers who typically face higher dollar exchange costs.
CSL Stockbrokers reported that the naira, which opened 2025 at ₦1,535 per dollar in the official window, had firmed slightly to ₦1,530 by the end of June.
This marginal appreciation is creating a temporary window of relief for auto importers, particularly those bringing in fairly used (Tokunbo) vehicles.
Used vehicle prices remain stubbornly high
Despite improved import activity, prices of imported used vehicles in Nigeria remain high.
Market checks show that a foreign-used Toyota Corolla (2010–2013 model) now sells between ₦6.5 million and ₦8 million, depending on condition and mileage.
A Tokunbo Lexus RX 350 (2012–2015) ranges from ₦13 million to ₦18 million, still out of reach for many middle-income buyers.
Dealers attribute the sticky prices to high clearing costs at the port, import duties, and persistent logistics challenges.
“Even if the naira holds for a while, the final landing cost is still heavily affected by port-related expenses,” said a Lagos-based car dealer.
CBN walks tightrope on currency strategy
While importers are enjoying the naira’s stability for now, analysts warn that the sustainability of the CBN’s strategy remains questionable.
Nigeria’s external reserves dropped by $3.67 billion in H1 2025, raising concerns about how long the apex bank can continue aggressive FX support.
Analysts point to weak oil earnings and subdued foreign investments as key risks.
What comes next for car buyers?
Still, members of the Organised Private Sector defend the CBN’s stance. “No central bank lets the market run wild; intervention is necessary to protect key sectors,” said a trade policy expert.
As another batch of 500 used vehicles is expected at PTML via Grimaldi Shipping on July 21, hopes are rising that increased supply could cool prices in the coming months.
Source: Getty Images
However, without sustained naira strength and a friendlier import environment, any gains may be short-lived.
10 Tokunbo cars Nigerians can buy cheaper
A prior report by Legit.ng disclosed that as exchange rates fluctuate and inflation accelerates, the used car resale value is rising, making car ownership an asset.
Nigeria’s heavy reliance on imported cars, exchange rate volatility, and inflation has caused a rise in demand for used vehicles.
According to reports, car dealers in Nigeria said that the rising cost of used cars is primarily due to two factors such as exchange rates and import duty charges.
Data shows that in October 2023, the FX rate in the parallel market rose to N1,300 from N736 in January.
Full List of Tokunbo cars that sell for to N5 million
Legit.ng earlier reported that fairly used or second-hand cars imported from countries like the US, Canada, or parts of Europe are referred to as "tokunbo" in Nigeria.
Many believe that these vehicles are often in better condition than locally used ones and are typically less expensive than brand-new models.
Here are ten trustworthy Tokunbo vehicles that cost between N3 and N5 million, as highlighted by The Nation.
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Source: Legit.ng
