Tokunbo vehicle sales drop by 70%, as buyers opt for Nigerian-used cars
The recent 40 per cent hike in the exchange rate for cargo clearance at the seaports and the increase in tariff on imported cars by a terminal operator, Ports & Terminal Multipurpose Limited, has led to about 70 per cent drop in the sale of second-hand imported cars. The PUNCH reported last week that the Central Bank of Nigeria and the Nigeria Customs Service had taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating the import duty. The NCS had a few weeks ago raised the
