Forex, border control inflates prices of fairly used cars

Forex, border control inflates prices of fairly used cars – the prices of highly used cars known as “Tokumbo” have jumped skyward due to strong border controls and a sharp rise in the exchange rate.
A number of car dealers who spoke to nano in abuja on Thursday complained that the development had deprived them of the opportunity to work. Alhaji Ali Adamu, a car dealer, told the agency last month that moving cars from Cotonou to Nerya, the Republic of Benin, was difficult. Adamu said many vehicles sent by unauthorized means were seized by officers and employees of the Nerya Customs Service (NCS). ‘We’re all sad at the moment; no one wants to risk driving on our normal routes to avoid customs inspection and arrest.

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“Me and other traders are here, now going to Lagos to buy already cleared vehicles, where customs duties are paid for the sale . “When you add up the fees, you will understand that this is no longer a normal deal,” he said. Another automaker, Faisal Shehu, announced the increase in the current prices of cars with high exchange rates.

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Shehu explained that it was 2008 models. over the course of a year, a highly used Toyota Camry from Europe, previously sold for N1.8 million, is now sold for N2. 8 million and N3 million. Peugeot 406 models are currently sold for N3.2 million versus N1. 8 million, he said. Mark Atabo, who buys Nerian used cars in Abuja, said the high cost of Tokunbo cars encourages people to buy Nerian used cars. Because of high demand and shortages, Nigerian prices for used cars have also risen, he said. The price of the Nerian second-hand Peugeot 206 has risen to 650 million from the N1 sold a few months ago, Atabo said. He said the price of the 2008 Honda Accord model was.

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the year also increased from N1.5 million to N2 million. Meanwhile, Miss Margaret John, who was looking for a second-hand Toyota Camry (pen shush) from Neri, said at the car market in Abuja, which has been hit by the sudden rise in car prices. He said he had been looking for a used Toyota Camry to buy for more than a month, but never bought it. He condemned the high price of the Tokunbo Car, adding that he could not afford it, so he is interested in Nerya’s used cars. Nan, the customs general, the Colonel has announced his retirement. Hamid Ali said the service had tightened borders thanks to the effective work of the police in co-operation with the customs of neighbouring countries.

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