How to fix pagination for custom loops?

The following is a basic construct of a custom query loop with properly functioning pagination functions:


                                          // Define custom query parameters
$custom_query_args = array( /* Parameters go here */ );

// Get current page and append to custom query parameters array
$custom_query_args['paged'] = get_query_var( 'paged' ) ? get_query_var( 'paged' ) : 1;

// Instantiate custom query
$custom_query = new WP_Query( $custom_query_args );

// Pagination fix
$temp_query = $wp_query;
$wp_query   = NULL;
$wp_query   = $custom_query;

// Output custom query loop
if ( $custom_query->have_posts() ) :
    while ( $custom_query->have_posts() ) :
        $custom_query->the_post();
        // Loop output goes here
    endwhile;
endif;
// Reset postdata
wp_reset_postdata();

// Custom query loop pagination
previous_posts_link( 'Older Posts' );
next_posts_link( 'Newer Posts', $custom_query->max_num_pages );

// Reset main query object
$wp_query = NULL;
$wp_query = $temp_query;

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