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The Nigerian market has witnessed a significant surge in the demand for locally used cars, driven by the volatile state of the naira. The currency's devaluation, which has weakened by 639% since 2015, has made imported cars more expensive, leading to a shift towards locally used vehicles.

This trend is expected to continue as the naira's instability makes it difficult for importers to maintain a steady supply of new cars. As a result, Nigerians are increasingly opting for locally used cars, which are not only more affordable but also offer a more reliable and sustainable option for transportation[1][2][4].

Citations:
[1] https://businessday.ng/top-video/article/locally-used-cars-boom-as-volatile-naira-curbs-imports-2/
[2] https://twitter.com/BusinessDayNg/status/1795310558234722591
[3] https://twitter.com/BusinessDayNg/status/1795388551195967911
[4] https://www.youtube.com/watch?v=bHckYxspULs
[5] https://www.linkedin.com/posts/businessday-media-ltd_cars-naira-import-activity-7201155071219269632-pZrP

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