Market News
Naira stability: 1,350 vehicles arrive at PTML in two days - PUNCH
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 $4.1bn into the foreign exchange market in the first half of 2025. This move was aimed at stabilizing the naira and easing liquidity pressures in the currency market.
According to a report by CSL Stockbrokers Limited, the CBN’s aggressive intervention reflects a stronger commitment to defending the naira amid persistent volatility and weak capital inflows.
The naira, which opened the year at N1,535 to the US dollar in the official market, appreciated slightly to N1,530/$ by the end of June, supported largely by these FX injections.
However, industry analysts have expressed concerns over the sustainability of the currency defense strategy, citing weak oil earnings, subdued foreign portfolio investment inflows, and uncertainties around external financing.
In contrast, members of the Organized Private Sector have argued that no responsible central bank would allow market forces to solely determine the value of its currency without some form of intervention to ensure stability.
Meanwhile, Nigeria’s gross external reserves fell by $3.67 billion in the first half of 2025, based on data obtained from the Central Bank of Nigeria. Despite this, the CBN’s FX interventions have helped to stabilize the naira and boost vehicle imports.
On July 19th, 2025, 500 units of new vehicles and 350 units of used vehicles arrived at the PTML, while 500 units of used vehicles are expected to arrive on July 21st, 2025, with Grimaldi Shipping Agency Nigeria Limited.
