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Nigeria’s Importation of New Cars Declines By 67% On Forex Challenges

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The foreign exchange liquidity problem that has affected importation of goods into the country, and raw materials for local manufacturing, is also taking its toll on the automobiles industry, THISDAY finding has revealed. The National Automotive Design and Development Council (NADDC) estimates annual imports at about 400,000 vehicles with 50,000 units as new cars valued at N679.65 billion ($3.45 billion)….

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