I stumbled upon this video on the N16 front suspension:
The noise at 4:06 is pretty much what I have on my Almera during relatively higher undulations. The narrator did mention that he was going to spray silicone lubricant on it to make it go away.
I didn't have any silicone lubricant at hand so I drenched everything instead with penetrating fluid.
Did it have any effect? Kind of. It seems to have been reduced and only happens when there is more significant undulations.
I might just try with some silicone lubricant. Has anybody had similar issues?