Vehicle Imports Surge Amid Naira Stability as 1,350 Cars Arrive at Tincan Island Port

The Nigerian Ports Authority (NPA) has disclosed that a total of 1,350 vehicles are expected to arrive at the Ports & Terminal Multipurpose Limited (PTML) at Tincan Island Port between July 19 and July 21, 2025.

Of the total, 1,000 are brand-new units while 350 are used vehicles. The influx comes amid a period of naira stability, with the dollar exchanging at N1,544 on the parallel market as of July 20, 2025.

Maritime analysts attribute the increase in imports to the Central Bank of Nigeria’s injection of $4.1 billion into the foreign exchange market during the first half of 2025. According to CSL Stockbrokers Limited, this intervention has helped stabilize the naira and ease liquidity constraints, though concerns remain over the sustainability of this strategy.

Despite a $3.67 billion drop in Nigeria’s external reserves in H1 2025, the currency interventions have supported moderate naira appreciation, with the currency improving from N1,535/$ in January to N1,530/$ by June in the official market.

On July 19, 2025, PTML received 500 new vehicles and 350 used ones. An additional 500 used vehicles are expected on July 21 via Grimaldi Shipping Agency Nigeria Limited.

Industry stakeholders, while praising the CBN’s efforts, warn that the country’s weak oil earnings, low foreign portfolio inflows, and external financing uncertainties may undermine future gains. Meanwhile, members of the Organized Private Sector emphasize the necessity of targeted currency interventions, arguing that no central bank can afford to leave exchange rate determination entirely to market forces.

The NPA continues to monitor import trends and currency dynamics closely as Nigeria’s automotive and maritime sectors navigate economic volatility.