₦airaland Forum

I posted an exact topic in 2017 and 7 years later the same thing is repeating itself.

https://www.nairaland.com/3702849/naira-gain-against-us-dollar

The very moment USD gained against NGN, car dealers increased their current stock price, not the cars that were in transit, this followed by a ripple effect, vehicles that have been purchased months or even years before the current rate at the time also increased their “Nigerian used vehicles”

For example
When usd was 600/750 Toks cars
Toyota Camry 2013 sold for ₦4.5m
Toyota Camry 2005 XLE sold for ₦1.8m
Toyota Camry 2010/12 sold for ₦2.5m / ₦2.8m

I wouldn’t want to post the current prices but for Camry 2013 I saw one Toks for ₦13m while Nigerian used for ₦8.5m

So my questions are
1. What will they do, will they continually justify the arbitrary increase due to the USD / NGN stint of February 2024?

2. Those Nigerian used car owners that aren’t car dealers, will they too blame the arbitrary increase to greedy car dealers

3. Or are Nigerians including myself, wicked and greedy people?

https://www.nairaland.com/3702849/naira-gain-against-us-dollar

Hmm

It's a cycle bro

Nigerians are just greedy and wicked... After we will blame government... Whereas we do worst if given same opportunity... I just pray dollar comes down to as low as 500 or even lower

Nigerians are just wicked, and greedy. These same people will go to church to give testimony on how God blessed them richly during the travail of Nigerians. If you watch the pattern of increment across imported goods such as cars, electronics...the increment was in tune of above 300% while dollar increase was barely 150% when it peaked. This is to tell you that what we experienced is pure wickedness.
Some will use the custom duty as excuse as if it is excluded from the landing cost. If landing cost originally was 2.5 for example, Then the new price should be around 100% or 150% when it peaked for specific rate of dollar at the time of purchase and landing. Meaning it should sell for 5.0 to 6.25, However, because of systemic greed, they would sell for 7 - 8million envisaging that dollar would rise to N2500, so, they plan ahead. But when dollar started dropping, they stayed put with the mindset that they will further maximise profit.

I can tell you categorically that, aside the poor masses that has nothing to do with import and export, the rest that has dollar account, live in abroad, import goods....all were subtly happy because the period enriched them. All their cries are artificial....as the dollars plunged against naira, many of them are not happy.

I’m waiting for a car dealer to defend their people here

I wanted to buy car since January of this year, but the way some greedy car sellers both used and toks increased the price, I have to slow it down and hope dollar will come down. And as it's now the dollar is trading on street at rate of 950/900 and the next CBN sales might be 900 as well. My advice for prospective car buyers should wait till end of May when dollar might be around 700/800 then and buy directly from abroad.

AcMilano1:
I wanted to buy car since January of this year, but the way some greedy car sellers both used and toks increased the price, I have to slow it down and hope dollar will come down. And as it's now the dollar is trading on street at rate of 950/900 and the next CBN sales might be 900 as well. My advice for prospective car buyers should wait till end of May when dollar might be around 700/800 then and buy directly from abroad.

exactly I told a client in umuahia to hold on till may-june before getting a car.

oladipuposadeeq:
exactly I told a client in umuahia to hold on till may-june before getting a car.

abi

djseanjohn77:
Nigerians are just wicked, and greedy. These same people will go to church to give testimony on how God blessed them richly during the travail of Nigerians. If you watch the pattern of increment across imported goods such as cars, electronics...the increment was in tune of above 300% while dollar increase was barely 150% when it peaked. This is to tell you that what we experienced is pure wickedness.
Some will use the custom duty as excuse as if it is excluded from the landing cost. If landing cost originally was 2.5 for example, Then the new price should be around 100% or 150% when it peaked for specific rate of dollar at the time of purchase and landing. Meaning it should sell for 5.0 to 6.25, However, because of systemic greed, they would sell for 7 - 8million envisaging that dollar would rise to N2500, so, they plan ahead. But when dollar started dropping, they stayed put with the mindset that they will further maximise profit.

I can tell you categorically that, aside the poor masses that has nothing to do with import and export, the rest that has dollar account, live in abroad, import goods....all were subtly happy because the period enriched them. All their cries are artificial....as the dollars plunged against naira, many of them are not happy.

thats the pandemic we are facing as Nigeria