Nigeria Car Market Update — May 2026: Prices, Rates, and What to Watch

The Nigerian automotive market entered May 2026 with noticeably more stability than the volatility seen through Q1. Here is our monthly breakdown of what matters for car buyers and fleet managers right now.

Tokunbo Price Trends

Tokunbo prices have stabilised following the Naira's relative strengthening in late Q1. Key benchmarks this month:

Toyota Camry 2022 LE: ₦13M–₦14.5M (down from ₦14.5M–₦16M in February)
Toyota RAV4 2021 XLE: ₦17M–₦19M (holding firm — continued high demand)
Honda Accord 2021: ₦14M–₦15.5M (slight softening from Q1 highs)
Hyundai Tucson 2022: ₦16M–₦18M (stable)

Finance Rate Environment

Published lending rates remain in the 18%–28% p.a. range across lenders. Fintech lenders are consistently at the lower end of this range for well-qualified applicants. Our expectation: rates remain stable through Q2 2026 barring significant CBN policy changes.

Buyer's market signal: May–June is historically a softer demand period as school fee season affects disposable income. This creates modest negotiating room on vehicle prices — particularly on units that have been sitting in dealer inventory for 60+ days.

EV Market Update

BYD Atto 3 availability has improved significantly at Lagos dealerships, with wait times falling from 8 weeks in Q1 to 3–4 weeks currently. Pricing has stabilised at ₦28M–₦32M depending on trim level. The GAC Aion S is gaining traction as a more accessible EV entry point at ₦22M–₦26M. EV-specific financing is available through select lenders via FinDrive.

What to Watch in June

The potential impact of any CBN policy rate adjustments on lender pricing in Q3. Import duty policy updates that could affect new vehicle prices from H2 2026. Continued EV infrastructure expansion in Lagos and Abuja.

MarketTokunboInterest Rates2026EV