The Nigerian Ports Authority has reported that a total of 1,350 vehicles are expected to arrive at the Ports & Terminal Multipurpose Limited at the Tincan Island Port between July 19, 2025, and July 21, 2025.
Out of the total number of vehicles expected, 1,000 units are new ones, while 350 units are used ones. According to a Shipping Position Daily obtained by our correspondent, the vehicles are expected to arrive at the port amidst naira stability in the last few days.
As of July 20, 2025, the rate of the dollar at the parallel market was N1,544 per dollar. Maritime analysts stated that this stability has significantly impacted the importation of vehicles, as they urged the apex bank to sustain the drive.
The stability of the naira has been attributed to the Central Bank of Nigeria’s injection of $4.1bn into the foreign exchange market in the first half of 2025. This move was aimed at stabilizing the naira and easing liquidity pressures in the currency market.
According to a report by CSL Stockbrokers Limited, the CBN’s aggressive intervention reflects a stronger commitment to defending the naira amid persistent volatility and weak capital inflows.
PUNCH
