The the naira is losing ground rapidly as fuel importers chase hard currency to cover swelling purchase orders. On July 23, 2026, the naira staged a firmer close in daily trade, yet specialists caution that this may not hold. Across the wider region, African currencies are under renewed pressure to weaken further before year end.
Domestic banks and fuel dealers are scrambling to secure greenbacks to settle multi-billion naira orders, driving demand past everyday levels. Just days before, the Dangote refinery raised its ex-depot price once more, pressures are building on transporters and family budgets.
Bitcoin-to-naira exchanges have gained pace since Apexpay tightened processing, though traders flag this as yet another sign of dollar scarcity in Nigeria’s parallel market.