The the naira is losing ground rapidly as fuel importers chase hard currency to cover big ticket orders. On July 23, 2026, the naira closed firmer in daily trade, yet specialists warn a reversal is coming. Across the wider region, African currencies are getting pushed lower again to drop lower before year end.
Domestic banks and fuel traders are scrambling to lock in dollars to settle multi-billion naira orders, spiking demand beyond the routine. Just days before, the Dangote refinery raised its ex-depot price once more, pressures are building on transporters and regular families.
Bitcoin-to-naira exchanges have sped up since Apexpay improved processing speeds, though traders flag this as yet another sign of dollar scarcity in Nigeria’s parallel market.