Owning a car was among the many lists of achievements for a typical Nigerian. The celebration that hits the air when one is bought knows no bounds.
Economy & Lifestyle discovered that even those who want a car now buy the Nigerian used ones, instead of those imported into the country, popularly known as Tokunbo cars.Those purchasing the Nigerian used cars, investigations have revealed, never do so for pleasure but mostly for ride-hailing commercial transportation like Uber, Bolt and inDrive, among others.
Mr. Chiemezie Onuoha, a car dealer in Berger said that patronage of imported used cars has significantly dropped due to the high cost. The federal government on June 26, 2023 announced through the Central Bank of Nigeria that it has increased the official exchange rate used by the Nigeria Customs Service to calculate import duties and levies from N422.30 per dollar to N589 per dollar.
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