Why Lexus LX 600 SUV Worth ₦260 Million 7 Months Ago Now Cost Over ₦500 Million In Nigeria

Here is why Lexus LX 600 luxury SUV worth ₦260 million 7 months ago now cost over ₦500 million in Nigeria. 

As at August 2023, a brand new Lexus LX 600 cost ₦260m in Nigeria while Toyota Land Cruiser LC 300 costs ₦145m.

The rising costs of vehicles is influenced by the exchange rate for cargo clearance, which now stands at over ₦1,400 per dollar.

A brand new Lexus LX 600 SUV now cost as much as ₦580m, according to Nigerian luxury auto dealership, Unique Motors.

The latest-generation 2024 Lexus LX 600 SUV now costs over ₦500 million to own in Nigeria today, which is over 92 percent rise from what it cost just few months back, all thanks in part to the ever increasing exchange rate for cargo clearance.

A brand new Lexus LX 600 now cost as much as ₦580 million, according to top Nigerian luxury auto dealership, Unique Motors, who made this known in one of our Instagram posts.

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As at August 2023, a brand new Lexus LX 600 cost ₦260,000,000 in Nigeria while its Toyota cousins, the Land Cruiser LC 300 Twin Turbo and the Land Cruiser SPORT GR costs ₦145,000,000 and ₦150,000,000 respectively.

It will be recalled that Autojosh, Nigeria’s authoritative car blog, back in August shared the current Manufacturer’s Suggested Retail Price’s of some brand new (or tear rubber) Toyota and Lexus vehicles in Nigeria.

But with the exchange rate, which now stands at over ₦1,400 per dollar, the prices of vehicles, including brand new and used ones (Tokunbo), will continue to soar to record and unaffordable prices in Nigeria.

Since May 2023, the Federal Government, through the Central Bank of Nigeria (CBN), has raised the exchange rate more than 4 times, from as low as ₦422.30/dollar, which has affected the import duty for the clearance of the cargoes at the nation’s seaports.

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